Thursday, November 8, 2012
The Fiscal Cliff
This is a cartoon by Koterba that was in the Omaha World-Herald this morning. We have reached a time when it is widely recognized that bipartisanship is necessary. The OWH Editorial reminds us that our national debt has reached $16.2 billion dollars. That equates to $51,674. for each citizen. And, we are told that the government has to borrow $0.40 for every dollar it spends. It will not be enough for congress to talk about changes, they need to be implemented. An early test will be the extension of the Bush tax cuts that are due to expire the first of the year. I was hopeful that Senator Bob Kerrey might be reelected to the Senate and help lead a bipartisan effort but that was not the choice of Nebraska voters. Senator Elect Fischer has signed the Norquist tax pledge which doesn't seem realistic in light of the situation. There is no question but what government spending must be cut but raising taxes must also be an option. I'm willing to pay more now or suffer the impacts of going off the fiscal cliff.