Look Out Below!

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… add one

  • jan

    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.

  • You’re entirely too wordy, Jan.

  • TastyBits

    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.

  • How’s it down in South Louisiana?

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

  • steve

    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

  • 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?

  • 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?

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

  • God, I hope Dr. Newcombe is training somebody.

  • He’s not young anymore. But dapper.

  • Pick your psychedelic.

  • I like this one.

  • So there.

  • Where y’all think I come from, Mamou?

  • I’m all into miscegenation.

  • TastyBits

    @Janis Gore

    How’s it down in South Louisiana?

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

  • It’s warming up here, thank goodness.

  • My lariat has a love knot.

  • Drew

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

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