Auto-Pilot Toward the Fiscal Cliff
Dec. 21, 2012 - With the failure of “Plan B” in the House last night, it appears very likely that the “fiscal cliff” is going to arrive. Of course, the mainstream media is blaming Tea Party-minded (read: principled) Congressmen for not supporting the plan.
This is outrageous, and an insult to the American people. Yes, principled Members of Congress held the line on tax hikes. Yes, Speaker Boehner has been awful in negotiating an alternative to the “fiscal cliff." But in the end, blame lies almost exclusively on the backs of two people: President Obama and Senate Majority Leader Harry Reid (R-NV).
Consider that even before details of “Plan B” had been released, President Obama and Senator Reid had already declared the legislation dead. The Senate departed Washington until after Christmas, and President Obama went on vacation, leaving the nation on auto-pilot as we speed toward the fiscal cliff. Apparently, kicking the proverbial can down the road is more important than actually doing the jobs for which both men were elected. Apparently, the ideology of raising taxes is more important than actually solving the spending problem that Washington has.
Because of their lack of leadership, America is likely to go over the fiscal cliff. Yet looking at the facts, it’s clear that raising taxes and not cutting spending really is the problem:
- A major study has found that the combination of expiring tax cuts and the implementation of ObamaCare will cost the country 710,000 jobs.
- Imposing a 100% tax on all households earning more than $250,000 – the “wealthy,” according to the President and Senator Reid – would keep Washington running for only 190 days according to Walter E. Williams.
- The government currently spends about of $30.60 per hour on welfare compared to the median income of $25.03 per American worker according to a study by Congressional Research Service.
- Cutting taxes in a time of economic stagnation would help boost the economy, boost employment, and increase revenue to the federal government to reduce the deficit.
- Many in the media and Washington will try to accuse the Tea Party of causing the dive over the “fiscal cliff.” Yet, we have outlined over the last 12 days, 12 solutions that would be a positive step in the right direction. It is time for Washington to stop avoiding their responsibilities, as they seem to have done here by leaving the country speeding on auto-pilot toward the fiscal cliff.
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