The "Fiscal Cliff!"
If nothing is done to avert it, taxes will increase across the board, and draconian spending cuts will automatically kick in. This will be catastrophic for our economy.
But wait a minute. Hasn't our President told us he needs more money? Where is he going to get it unless by raising taxes. And most Americans agree that we spend too much money. For those who espouse a so-called "balanced approach," this is perfect!
The current crisis is a result of government spending having no relationship whatsoever to government revenue. Like in Greece. This needs to be corrected. Like in Greece. So let's take our medicine and get it over with. Let's cut spending back to 2008 levels and junk the Bush tax cuts until the budget is balanced. Or let's freeze spending at current rates until the deficit is gone. Maybe we go through an extended recession but, hey, haven't we been in one for years? The baby will be worth the labor pains.
Our fiscal problems are of our own making. It's time our elected officials quit pandering to their constituents' greed with borrowed money. Too bad we have to rely on the same politicians who caused the mess to also fix it.
A strong, responsible country balances its books. Let's be one again. Regardless of who howls.