Thought of The Day -- The Fiscal Cliff: A Compromise?
The fiscal cliff, according to conventional wisdom, poses little risk for the President. He is in his last term. He has, as he whispered to then Russian President Dmitri Medvedev last March, “more flexibility” now that the election is over. Should we slip over the edge and into the abyss, the effect would likely be a recession. Everybody’s taxes would rise, which could be blamed on Congressional Republicans. Defense spending would be cut, which would be okay with Mr. Obama. Entitlements would not be touched, so the spending spree would continue.