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Another Fiscal Flop
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David Brooks calls the agreement reached Jan 1, 2013 on the fiscal cliff inadequate. He puts the blame on voters. On the Medicare couple that takes out more in benefits than it puts in, taking $343,000 out in benefits, while putting in $109,000, according to the Urban Insitute. The politicians are simply following the voter preferences of deferring the hard decisions. Taxes have to go up at a lower threshold than $400,000 says Brooks, and spending cuts need to be made.
The deal reached Jan 1, 2013 on U.S. fiscal cliff tackles Bush tax cuts, but postpones the cliff for 2 months.
12/31/2012
The struggle over the debt ceiling and $110 billion in spending cuts of the cliff will now take place in March 2013.
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