Most readers agreed it is a mistake not to act on the “fiscal cliff” before the election, but virtually all remain doubtful Congress and the president will act. (Liberals, unfortunately, chose to argue about whose fault it is rather than discuss the urgency or non-urgency of acting.)
The Statist Quo writes:
There is nothing to be done about the fiscal cliff, until the lame duck session at the earliest. The Senate establishing priorities is not coming anytime soon. Moreover, Obama has ‘soak the rich’ as his only gambit, if you can call it that. Bill Clinton had the good sense to recommend another year extension of the Bush tax rates, given the fragility of the economy, but he was “Bookered” for speaking the truth. As with Obamacare, the electorate has to decide who the remaining political players will be, to either return to fiscal discipline or spend and tax our way to economic oblivion. The 1.5% GDP growth puts an explanation point on the belief of a majority of Americans: we are going in the wrong direction.
Jonathan19 thinks it is a “huge mistake” to wait but nevertheless thinks that “it can’t be corrected until we have a new President because the cliff itself is a result of lack of Presidential leadership. Sure, President Obama faces Republican opposition, but what President hasn’t? Instead of leading, he keeps insisting on more of the policies that have proven ineffective and unpopular with the American people.”
On this eddiehaskell put it best:
Of course it is a mistake, but then again just about everything Congress does is a mistake. The government in D.C. should just have some common sense regulations on business and then enforce them adequately. 1100 pages of regulation on who is a qualified borrower is a joke and a burden on banks that is unnecessary. . . . Even though the ideas behind [Obamacare, the GM bailout and other government] programs may be noble, it has been proven the government can not run anything effectively. All these programs are driving us into bankruptcy, or are unfair or both.Tax rates are never permanent, no matter what time frame they put on it. We should simplify the tax code now, find a proper rate to run a streamlined government, pay down the debt, and let the chips fall where they may. Less government equals a better economy for all.
I am, however, not holding my breath.