For the past nearly four years, “we the people” have been bombarded with opposing solutions as to how to deal with the deficit, debt and fiscal issues of the nation.
Raise taxes, lower taxes, a balanced approach, do nothing and let the market take its course have all been floated as the absolute solution to the problems we face as a nation.
I personally am a proponent of real, comprehensive reform of a largely out of date, unfair and hard to enforce tax code and think that “going over the fiscal cliff” is the motivation needed by both parties to get that reform done.
I am, unfortunately, in a minority when I take that position and have largely been shouted down by friends on the right and the left when I propose it as the solution to our nation’s fiscal woes.
So I am willing to accept the “balanced approach” in reaching an agreement between the Democrats, the Republicans and the President so long as it is really a balanced approach.
What do I mean by that?
A balanced approach will include increased revenues, including a larger amount paid by the wealthiest earners of our society, reform of the nation’s entitlement programs and significant spending cuts and reforms.
There is one thing that must occur in order for the approach to solving our fiscal problems to be really “balanced”.
If changes in the tax rates and tax code are to be effective on January 1, 2013 then the spending cuts must likewise be effective on January 1, 2013 and realized immediately and not at some distant time in the next decade.
There is a disturbing history of spending cuts being promised but never really occurring.
Thanks for the graphic to Glenn Foden - November 26, 2012