Raymond Richman - Jesse Richman - Howard Richman
Richmans' Trade and Taxes Blog
If not now, when?
If they can't agree to bring the budget toward a sustainable balance when the next elections are 2 years away, when will they do it?
President Obama is calling for an increase in taxes on the rich to replace the broadbased tax increases combined with budget cuts known as the fiscal cliff. Instead of reducing the current $1,327 billion annual budget deficit by about $500 billion per year, Obama's plan could reduce it by as little as $80 billion per year. Specifically, according to The Guardian:
Meanwhile, according to Reuters, indications are that the Republican leadership will accept this disaster:
Here's how the future that they are agreeing to was described by the Congressional Budget Office:
And here is how my father, son and I described this future in our American Thinker article about the fiscal cliff (The Fiscal Cliff is a Good Thing):
They are sacrificing America's economic future in order to avoid a minor recession. Isn't there an adult left in Washington?
Journal of Economic Literature:
Atlantic Economic Journal: