Yikes, we’re headed toward a fiscal cliff! It will crush the economy! Or so the media and politicians tell us.
The “cliff” is a series of tax increases and budget cuts that automatically go into effect Jan. 1 unless Congress acts.
Will Congress act?
It will! I see the future: The politicians will meet and fret and hold press conferences and predict disaster. Then they’ll reach a deal.
It will just postpone the reckoning, but they’ll congratulate themselves, and the media will move on.
America, however, continues to go broke.
“They’re not going to admit that we’re bankrupt, and they won’t admit that we’re on the verge of a major, major change in our society,” says Rep. Ron Paul, R-Texas. “So they’ll keep putting it aside, but then we’ll eventually probably destroy the dollar.”
I won’t lose sleep over automatic spending cuts. The “fiscal cliff” frightens me less than the bankruptcy cliff.