E46Fanatics - View Single Post - The Two Sides Are Now Absurdly Close On A Fiscal Cliff Deal Here's The Latest Offer
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Old 01-02-2013, 04:41 PM   #57
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Spending cuts are absolutely necessary for this country's long-term fiscal health. Massive spending cuts immediately, however, would likely be catastrophic to the short-term (and potentially to the long-term) fiscal health of the country. Minor increases in everyone's taxes through the expiration of recently enacted temporary payroll tax cuts is not likely to have any catastrophic results to the country's fiscal health. Minor increases in some tax rates for a very small group of high-income earners is also not likely to have a significant negative effect on economic spending but does raise a significant (though not significant enough to eliminate the budget deficit) amount of revenue. This is not a solution and it does not solve the fiscal problems of the country. However, it is a step in the right direction. SS, Medicare, Medicaid, UI, defense spending, and most other government spending need significant changes to be made in the future to allow for eliminating the deficit and reducing the national debt, as well as increases in revenue through elimination of other temporary tax cuts combined with an increase in GDP and decrease in unemployment when economic conditions can support enacting such measures. These changes, however, are not going to be popular with either party and thus are unlikely to happen in any responsible way in the near future.
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