Nonsequitur: Fiscal Cliff Proposals Won’t Work

December 29, 2012

Regardless of what compromise the President and Congress come up with, it will not significantly reduce the deficit or significantly decrease our debt. Representative Darrell Issa provides an overview of the tax increases in the budget proposals and sums up the result:

The bottom line is this: Under no proposed scenario does raising taxes eliminate  the deficit and return us to a balanced budget. The problem is government  spending.

Since neither the President nor the Congress has shown any interest in tempering spending (with four years of $1+ Trillion deficits), there is no reason to expect them to deal with the real issue.  We probably will get a deal, with increased taxes and some minor reductions in future spending.  But the government will continue to spend more, not less, and our chronic deficit-debt problems will continue.

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