Question of the week: Are you concerned about the “fiscal cliff” – the conundrum that the U.S. government will face at the end of 2012, when the terms of the Budget Control Act of 2011 go into effect cutting more than 1,000 government programs while taxes increase for workers and businesses along with a rise in the alternative minimum tax, an end to the tax cuts passed in 2001-2003 and taxes related to President Obama’s health care law go into effect?
- Jeff Smith: Of course. I think the cutting of government programs is a good idea, but raising taxes in an economy this fragile is a really dumb idea, and can only have negative consequences. We’ll probably come to some temporary fix, which will in fact fix nothing. The truth is our central government is way too big, we spend way too much, and all our spending, debt, entitlement programs, etc. are completely unsustainable. Instead of shrinking our government as we should, we continue to grow it as in Obamacare. Unless we start using some common sense there will be no fiscal cliff to fall off, because we will already be at the bottom.
- Bert Berson: No. At most, it will be settled by the end of January.
- Lisa Pampuch: No. If Republicans need a demonstration that President Obama is not bluffing about increasing the marginal tax rates for people making more than $250,000, the automatic spending cuts and tax increases that would go into effect on Jan. 1 can be fixed retroactively after enough GOP senators and representatives come to their senses about the need to increase these tax rates.
- David Cohen: Yes, I am concerned about the fiscal cliff, mainly due to apparent inability of Congress to get any work done. The economic impact from a lack of an agreement will be extremely damaging to the American economy. Yes, there will be some cuts to programs, but there MUST also be revenue gains through tax reform or higher taxes.
- Chris Bryant: Yes, while I am concerned, I expect Congress will take some half-action to reduce the scope of the cuts or will just kick the can down the road. Regardless of party, everyone in Congress is culpable in the lack real substantive changes.
- Dave Appling: Yes, very concerned. Solutions based on the Simpson-Bowles report are readily available, but can our leaders screw their courage to the sticking place? Congresspeople must recognize that ledgers have two sides, and that working only one side has no chance of bringing us back from the precipice.
- Julian Mancias: Yes. The economy, at best, is on a fragile recovery. This could possibly derail the slow economic recovery that we are currently experiencing.
- Hank Miller: Concerned? Yes. However, not overly concerned. I cannot believe that party leaders of either political party would allow this to happen, lest they be tarred and feathered, or even face a lynching mob.
- Karen Anderson: No. I think Congress will make the necessary compromises as, in the end, the people have spoken on taxing the rich, among other things. And the people want action. The economy is coming back. Time to work on the deficit.
- Kathy Sullivan: Yes, but I see this as a real test for legislatures to show the true leadership of politics. Both parties must be willing to examine their own beliefs, then make difficult choices and come up with a noble compromise. They should have more allegiance to the people they serve than a political ideology.
