Look Out Below!

by Dave Schuler on November 28, 2012

I have a question. What would be worse? Going off the fiscal cliff (see the Wikipedia article for a summary of what that would entail) or the worst possible non-going over the cliff resolution of the matter? What’s the worst case scenario (other than going over the fiscal cliff)? What would the best case scenario be? What’s the likely resolution?

I think the most likely resolution is a tax increase on the highest income earners, punting on spending cuts, kicking the can down the road a bit farther, and putting together another blue ribbon commission, this time to look into entitlements, particularly Social Security. Unfortunately, Medicare is the actual problem.

IMO that’s a pretty good approximation of the worst case scenario.

{ 20 comments… read them below or add one }

jan November 28, 2012 at 12:51 pm

I think the most likely resolution is a tax increase on the highest income earners, punting on spending cuts, kicking the can down the road a bit farther, and putting together another blue ribbon commission, this time to look into entitlements, particularly Social Security. Unfortunately, Medicare is the actual problem.

IMO that’s a pretty good approximation of the worst case scenario.

This is one of the rare times that I agree with you, without exception.

Furthermore, I’m starting to lean towards the ‘best case scenario’ as possibly being the most radical one — not coming to some insipid agreement, but instead letting things fall where the politicians have been leading them, over the rhetorically named ‘fiscal cliff.’

Medicare/medicaid and SS are the major players in our enormous long range debt, along with fears of future unsustainability and/or insolvency. But, as we keep using a credit card kind of mentality to assuage the harsh reality of our real fiscal problems, people continue to be lulled into thinking that ‘rich’ people hold the answers, and should be singularly tasked with fixing any threatening fiscal liabilities.

Consequently, any cutback proposed, negatively effecting their own pocketbook is dissed. It’s the NIBY response — not in my backyard, that the majority appears to support. Even common sense ones, dealing with adjusting collection of SS/medicare benefits to current longevity predictions, are thumbs down, let alone any kind of means-testing, which might relieve some of the entitlement burden by sensibly not giving it to those who don’t need it.

So, as one friend of mine said yesterday, who voted for Obama, ‘get rid of both parties and let the economy crash.’ Before the election I was into ‘fixing’ things. Now, though, I’m more and more on the page of letting everything crash, and then collectively being forced to deal with the pain of picking up the pieces.

Janis Gore November 28, 2012 at 1:39 pm

You’re entirely too wordy, Jan.

TastyBits November 28, 2012 at 1:44 pm

Defense spending is restored, and it will be “paid” for by tax rate increases on the rich. This will be quietly followed by additional exotic “tax incentives” to offset the rate increases.

Janis Gore November 28, 2012 at 2:05 pm

How’s it down in South Louisiana?

Janis Gore November 28, 2012 at 2:07 pm

It was cold here yesterday, but it’s quite pretty today.

steve November 28, 2012 at 6:18 pm

I think you will some increases in taxes for the rich, some cuts in Medicaid, some elimination or reduction in some tax expenditures, and a new panel to work on Medicare.

Steve

Janis Gore November 28, 2012 at 7:06 pm

Jan, when y’all get so stupid?

Romney is a Neo-con. He wants to further wars. That’s one thing we know for sure.

Now , I nursed a man though the angst of Agent Orange, and Vietnam is awash in dioxin.

Where is your compassion?

Janis Gore November 28, 2012 at 7:19 pm

You do know that M. D. Anderson is in Houston? When my bro was sick, his doc, Dr. Martin Newcombe of Vicksburg and Jackson, suggested that I call them.

I was on the line for $125,000 in loans until I told them he was a Vietnam vet, on the ground.

If he was treated with a stem- cell implant Monsanto would cover the cover the cost.

Do you know who Monsanto is?

Janis Gore November 28, 2012 at 7:25 pm

That’s not what they said, but I know it’s true.

Janis Gore November 28, 2012 at 7:29 pm

God, I hope Dr. Newcombe is training somebody.

Janis Gore November 28, 2012 at 7:32 pm

He’s not young anymore. But dapper.

Janis Gore November 28, 2012 at 7:36 pm

Pick your psychedelic.

Janis Gore November 28, 2012 at 7:39 pm

I like this one.

Janis Gore November 28, 2012 at 7:51 pm

So there.

Janis Gore November 28, 2012 at 7:55 pm

Where y’all think I come from, Mamou?

Janis Gore November 28, 2012 at 8:33 pm

I’m all into miscegenation.

TastyBits November 28, 2012 at 8:42 pm

@Janis Gore

How’s it down in South Louisiana?

A/C during the day. Heater at night. Humidity not too bad.

Janis Gore November 28, 2012 at 9:52 pm

It’s warming up here, thank goodness.

Janis Gore November 28, 2012 at 10:25 pm

My lariat has a love knot.

Drew November 28, 2012 at 10:47 pm

It certainly didnt take long. Spending cuts are going by the wayside already.

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