We’ve been trying to deal with the national debt in this country for 30 years now. The fiscal cliff is just the latest failed gimmick. We’ve had more failed gimmicks than professional wrestling.
The Great Debate
2012 was the first class-warfare election of our new Gilded Age. The first since the middle class has come to understand, in the words of new Senator-elect Elizabeth Warren (D-Mass.), that the “rules are rigged against it.” Business-as-usual may no longer be acceptable.
We are careening toward Dec. 21, 2012, the date of the Mayan apocalypse, when the world is supposed to come to an end through a series of cataclysmic upheavals, according to assorted astrologers and mystics ‑ though not the Mayans themselves, who said it was merely the end of their calendar. We are also hurtling toward the Jan. 1 “fiscal cliff,” when the American economy could re-enter a devastating recession ‑ a man-made mini-apocalypse.
Technology is changing how power struggles are waged between the White House and Congress. For the last few years, negotiations between Democratic and Republican leaders have too often led to stalemate. The battle over how to avert the “fiscal cliff” is the latest example.
The conventional wisdom has arrived: 2012 was a status quo election. President Barack Obama was reelected. Democrats continue to have a majority in the Senate. Republicans still control the House. Only two states changed their presidential votes from 2008 to 2012 (North Carolina and Indiana). Six billion dollars were spent and almost nothing changed!
After the sound and the fury, the public disdain for government — particularly for Congress — the high stakes and looming fiscal disaster and $6 billion, we end up where we began — with Barack Obama in the White House, Democrats with a modest majority in the Senate, and Republicans retaining control of the House.
The state of the union, fiscally speaking, is perilous. Despite record deficits and dire warnings from Europe as to the consequences of sustained fiscal imbalance, our leaders have been unable to find common ground. The Simpson-Bowles Commission in 2010, the Gang of Six last summer and the misnamed Super Committee of this past fall were all bipartisan efforts to cut through the Gordian knot of budgetary gridlock. And all of them failed. Miserably.
In October 2011, National Journal surveyed energy experts about whether Obama was likely to approve the Keystone XL pipeline, which would carry Canadian tar-sands oil through the U.S. to the Gulf of Mexico. Ninety-one percent of the “energy and environment insiders” believed he would.
from David Cay Johnston:
This is America's 100th year for individual income tax, a system as out of touch with our era as digital music is with the hand-cranked Victrola music players of 1912. It is also the 26th year of the Reagan-era reform for both personal and corporate tax, a grand design now buried under special-interest favors.