Would going over the fiscal cliff help the U.S. in the long run?
Republicans and Democrats don't appear to be making progress toward a deficit-reduction deal to head off punishing automatic tax hikes and spending cuts
"Now that the elections are over, the fighting has really begun," says Megan McArdle at The Daily Beast. Republicans and Democrats are "playing a game of chicken" as they argue over a deficit-reduction agreement that will be necessary to avoid going over the fiscal cliff on Jan. 1. The Left is insisting on hiking tax rates for the wealthiest 2 percent of Americans, who make $250,000 or more; the Right is demanding deep cuts to Medicare, and extending Bush-era tax cuts for all; and both sides are waiting for the other to flinch first. "Going over the cliff would suck more than $600 billion worth of fiscal stimulus out of the economy in 2013 through a combination of tax increases and spending cuts," which "would be disastrous for everyone, including, one assumes, the politicians who lead us over the edge." But maybe it's the only thing that will scare everybody into attacking our real problem, which is that we're piling up a dangerous amount of debt because our government spends too much and takes in too little in taxes. McArdle explains:
The time may come for the GOP to "begin passing out parachutes for the group jump over the cliff," says Jennifer Rubin at The Washington Post, but we're not there yet.
If that's the attitude the GOP's going to take, going over the cliff isn't the worst thing that could happen, says Patrick Sharma at U.S. News & World Report. For one thing, it isn't really a "cliff." The impact of the tax hikes and spending cuts will be felt gradually, over several months, so there will "be plenty of time beyond January 1, 2013 for things to get worked out."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
What is rock flour and how can it help to fight climate change?
The Explainer Glacier dust to the rescue
By Devika Rao, The Week US Published
-
Crossword: April 19, 2024
The Week's daily crossword puzzle
By The Week Staff Published
-
In what states is abortion legal, illegal, and in limbo?
In The Spotlight Where American states stand on abortion care
By Theara Coleman, The Week US Published
-
Arizona court reinstates 1864 abortion ban
Speed Read The law makes all abortions illegal in the state except to save the mother's life
By Rafi Schwartz, The Week US Published
-
Trump, billions richer, is selling Bibles
Speed Read The former president is hawking a $60 "God Bless the USA Bible"
By Peter Weber, The Week US Published
-
The debate about Biden's age and mental fitness
In Depth Some critics argue Biden is too old to run again. Does the argument have merit?
By Grayson Quay Published
-
How would a second Trump presidency affect Britain?
Today's Big Question Re-election of Republican frontrunner could threaten UK security, warns former head of secret service
By Harriet Marsden, The Week UK Published
-
'Rwanda plan is less a deterrent and more a bluff'
Instant Opinion Opinion, comment and editorials of the day
By The Week UK Published
-
Henry Kissinger dies aged 100: a complicated legacy?
Talking Point Top US diplomat and Nobel Peace Prize winner remembered as both foreign policy genius and war criminal
By Harriet Marsden, The Week UK Last updated
-
Trump’s rhetoric: a shift to 'straight-up Nazi talk'
Why everyone's talking about Would-be president's sinister language is backed by an incendiary policy agenda, say commentators
By The Week UK Published
-
More covfefe: is the world ready for a second Donald Trump presidency?
Today's Big Question Republican's re-election would be a 'nightmare' scenario for Europe, Ukraine and the West
By Sorcha Bradley, The Week UK Published