The media is doing quite the job whipping the people of this nation into a frenzy as Congress goes speeding headlong off the ‘fiscal cliff’. The trouble is, if you slow down and start to think about it, just a little further extrapolation of the analogy helps you to see the light.
The media is using the cliff metaphor to imply imminent and unavoidable danger. Really? Who do you know has ever driven off a cliff? Most people have a heightened sense of self preservation. They don’t get into ridiculous situations like Congress has done, spending this nation into oblivion.
Most people I know when they go on a road trip take a map. They find out where the dangers are. They watch for road signs. They stay on the paved road. They ask directions if they get lost. If they are going the wrong direction, they turn back.
One thing they definitely DON’T do is close their eyes, floor the accelerator, and go shooting off onto the desert floor wondering what will happen next.
What kind of imbecilic moron would do that? What kind of ignoramus with any kind of concern for the other passengers and pedestrians would DO that? It would take a special kind of malevolent nincompoop to do something so utterly stupid. But, Congress DID do it. They HAVE arranged a situation where this nation faces financial ruin.
As they talk about “spending cuts” here, and tax hikes there, only one thing is certain. The middleclass will pay. Obama can talk about higher taxes on the rich, but it never happens. We will pay. The people making $40,000, $50,000, and $60,000 a year will pay. The number $3,500 has been floated in increased taxes on someone making $46,000 a year.
Any percentage increase on people making more than $250,000 a year is to a degree all smoke and mirrors. It has been explained to me, that people in the higher brackets don’t take their money like we do, as “wage and income” on a W-2. Often the rich are “incorporated”. They take their money as corporate earnings, capital gains, and dividends and such. They aren’t going to be affected by nominal tax rates. But you will be.
[Former U.S. Representative Bill Archer had the clearest explanation I’ve heard on the U.S. debt situation. It may have been the audio from a Wall Street Journal interview. I’m surprised a bunch like that would have used it.]