The "Fiscal Cliff!" The world, as we know it, will end if we sail over it!
The problem, of course, is that virtally none of our elected officials, from the President on down, have any grasp of economics. Every non-politician seems to know that a strong and growing economy is needed to produce the revenue neccesary to fund federal obligations, and that any tax increases retard growth. So why does the President want to raise taxes? The anti-business economy he has created will stink even more. The temporary spike from the proposed increased tax rates will run the government for some eight days, during which time the very rich move their wealth (and citizenship?) off shore where it will stimulate the growth of only foreign concerns.
And every schoolboy knows that borrowing 40% of every dollar spent by the federal government is not sustainable. Yet the President has no interest in balancing the budget, and is in fact proposing we borrow even more! What type of Armageddon are we experiencing? Are we funding a world war? Has California slipped into the ocean? No! This is just to fund normal day-to-day operations.
How, oh how, have we gotten to the point where the Fiscal Cliff of mandatory increased taxes combined with mandatory decreased spending equals financial catastrophy? Didn't this used to be called, "Living within one's means?" Why is that now impossible to do?
Then we must consider all the new 2013 ObamaCare taxes that were conveniently delayed until after the election. How will they impact the health of our economy? Will companies be hiring more when they see the additional mandatory healthcare costs that they are forced to pick up? And if they do hire, won't it be two part-time workers for whom they wouldn't have to supply health insurance, rather than one worker for whom health insurance is mandatory?
With the aging baby boomers and the increasing percentage of Americans now determined to be in poverty, entitlement reform is the only hope to attain a balanced budget. Yet the President, and many others, have avoided even mentioning the "R" word. The President has never even submitted a budget, as he is required to do by statute, while the number of people on foodstamps goes up some 50% on his watch, and the number of people on "disability" compensation has accelerated upward from less than 1% some 50 years ago to 5% today. America has never been so disabled!
So Nero (BHO) fiddles while Rome (US) burns. Margaret Thatcher once said, "The trouble with Socialism is that sooner or later you run out of other people's money."
In America, we now are at the "sooner" stage. May God help us.