LESS THAN TWO DAYS to go until we go over the fiscal cliff. Less than thirty six hours until we plummet. As i understand it, we plunge and fall to the bottom at exactly one minute past midnight, january first, twenty thirteen. This happens automatically, and nothing can stop it, no presidential stay, no congressional act, no supreme court ruling.
Nothing, except a new federal budget to supercede the cliff fall.And that seems increasingly unlikely, as the minutes tick by and both sides dig in deeper, and deeper...the best bet is that somebody caves at the last minute and a deal is struck.
Obama'll probably make some last minute concession, ask for something small in return, get it, agree on a deal, and claim victory. On the other hand, now that he's been reelected, the president might just let us go off the cliff, knowing he'll be president four more years either way, and that much of the country will blame the republicans.
If going off the cliff causes a recession it will only be because the american economy is too heavily dependant on government spending. The federal government should indeed collect taxes and revenues, and use the money to shape, guide, and assist the american economy, but not to control it or prop it up.
If we go off the cliff we will be taking a huge step in the direction of healing our sick economy/currency system; but it will be strong, painful medicine, just like the rest of the medicine we'll have to take a bit later on.
If we don't go off the cliff, we'll jsut keep on trying to prop up a failing economy by printing money with no real material wealth with which to back it up, and concentrating the cheapened money in the hands of the very few.
The american economy has deteriorated to the point where strong medicine is needed. Let us swallow the bitter now, before its too late.
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