What is it about people in power in D.C. that makes them want to engage in gratuitous brinksmanship?
They’re at it again. This time it’s because of the so-called “fiscal cliff” that threatens Americans’ investment accounts – including mine. The cliff looms only if Republicans and Democrats cannot reach an agreement on ways to cut the deficit. President Obama, fresh off his re-election, makes the most sense of all: Cut the deficit with a combination of spending reductions and modest tax increases for the wealthiest Americans, those who earn more than a quarter-million dollars annually.
As Obama and his allies have noted, asking the rich to pay a little more won’t make them poor. They’ll still be rich. Meanwhile, the rest of us can keep our tax breaks and, therefore, be able to invest our own money.
What happens if the two sides don’t agree by the end of the year? Everyone’s taxes go up and the government kicks in with automatic 10 percent spending cuts across the board. That means defense. And, oh yes, Republicans don’t want to cut a dime out of the Pentagon budget. Are they paying attention here?
This nonsense must not continue. I’m quite sure I share the views of many Americans who are getting a bit antsy watching their investment portfolios shrink while the power-brokers in D.C. keep playing games with each other.
Must I remind them that they work for us – not the other way around?