Who coined the term fiscal cliff?
A deal was brokered to avoid the so-called "fiscal cliff".
It may have been better if President Obama would have let the country go over the so called "fiscal cliff".
What would have happened if the country would have went over the so called fiscal cliff? Well let's take a look at it.
Well, for one thing the country might have achieved a balanced budget.
For another thing, Social Security would not be considered for cuts.
For another thing, the government would not have to raise the retirement age.
The amount of federal income tax I would have to pay would have gone up. That's okay, the payroll tax went up any way. Even though the federal income tax would have taken a bigger chunk, I would have gladly given a bigger chunk.
If the Bush tax cuts would have expired for every one, we could have gotten a balanced budget.
Once again, President Obama was held hostage, and he gave in. He was held hostage by two words: "fiscal cliff".
If the U.S. would have went over the fiscal cliff, the pain would have been short, but the oncoming benefits would have been long term.
President Obama's vision was myopic; short term.
Now the cuts will be painful.
February 18, 2013