So we did not fall off the cliff. But the reaction to the news of the deal suggests that we’ve become a culture addicted to crisis, because barely had the vote been taken when the spin from politicians, from the mainstream media, and from the cacophonous web was angry, sullen, and negative.
The problem is said to be, in no particular order: Washington, partisanship, Tea Party ideologues, tax-and-spend Democrats, unions, rich people, America, unemployment, underemployment, the shafting of the middle class, the end of the American dream, the untenable deficit, unfunded mandates, and unreasonable expectations. But maybe the problem is none of those; maybe it’s a deepening love affair with crisis. The perverse lure of descent and an inability to break out of the cycle is threatening to overcome us.
What did the deal actually accomplish? Taxes went up significantly for the wealthy and modestly for most, yet the core of lower rates for the vast majority of Americans was retained. Financial markets reacted giddily and made up some lost ground. And for all of the legitimate carping about the dysfunction and polarization of Washington, the deal was actually bipartisan. An overwhelming majority of both Republicans and Democrats backed it in the Senate, while in the House the deal fractured the Republican caucus. The party split its vote and was then joined by a majority of Democrats.
After weeks of decrying the sorry state of Washington and assuming that gridlock and ideology would prevent any accord, Americans were left with an actual deal to confront. Yet rather than conceding that something had been done, and that this something was in this case a far cry better than nothing, reaction has followed the adage (often scornfully ascribed to economists): “Don’t let facts get in the way of a good theory.”
The theory in this case is that America is broken, and that the fiscal cliff debacle is further proof. The most common refrain was that “the deal is a disaster.” So said Peter Huntsman, head of the multi-billion-dollar chemical company and brother of the former presidential candidate John Huntsman. And so did countless others.