December 4, 2012
Amid all the political and media hoopla about the “fiscal cliff” crisis, there are a few facts that are worth noting.
First of all, despite all the melodrama about raising taxes on “the rich,” even if that is done, it will scarcely make a dent in the government’s financial problems. Raising the tax rates on everybody in the top 2 percent will not generate enough additional tax revenue to run the government for ten days.
And what will the government do to pay for the other 355 days in the year?
All the political angst and moral melodrama about getting “the rich” to pay “their fair share” is part of a big charade. This is not about economics, it is about politics. Taxing “the rich” will produce a drop in the bucket when compared with the staggering and unprecedented deficits of the Obama administration.