YEAR END CIRCUS
The circus is in session in Washington as Congress leads the country to the edge of the so-called fiscal cliff, all the while scaring the bejesus out of everyone. Sticking points along party lines are reinstating higher taxes for the wealthy and cuts to Medicare, Medicaid and Social Security.
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If they fail to reach a deal some $536 billion in tax increases for everyone will take place and about $110 billion in spending cuts divided between federal departments and the military will take place. The fear mongers tell us that such a dramatic increase in taxes and spending cuts would lead to a recession, financial markets taking a nosedive and a jump in unemployment.
Republican and Democratic lawmakers say they are simply doing what their constituents back home want them to do. And the fact is they represent a divided country. In a recent Associated Press poll about half of Americans say they want higher taxes on the wealthy and the other half say cutting spending, not raising taxes, should be the focus. 43 percent say they trust the Democrats more to manage the federal budget and 40 percent prefer the Republicans.
Somewhere in all the wrangling there should be compromise. And all the drama of holding out to the very last minute is senseless. We all personalize what we want to see happen and I am no exception. Since I am retired and not wealthy I want to see Medicare and Social Security protected. I don’t think reinstating the Bush tax cuts for the wealthy would have as much of an impact as on the middle class and poor. I don’t have a problem with reining in federal spending, especially the bloated military spending.
No matter what happens, by dragging this to the very edge Congress has shown themselves to be dysfunctional.
“Suppose you were an idiot and suppose you were a member of Congress. But I repeat myself” Mark Twain
Waiting on Congress... Just one day more...