Ever watch one of those chase scenes in a cartoon where the one in the lead heads over the cliff and lands in a devastating crash at the bottom — only to find whatever he was carrying (adding insult to injury) comes tumbling down on top of him?
Well, that’s us. As we collectively head over this fiscal cliff — we are actually over it right now — we’re not feeling much because we’re free falling (like the cartoon character) and falling is never really that painful (though the rushing wind can chap the lips and mess up one’s hair) but in the end it’s the sudden deceleration at the valley floor that causes the real damage. The only problem here is that if we happen to live through it — the crash — there is an economic avalanche coming down on top of us that will almost certainly finish us off.
Our problems in America are not taxes and revenue; our problems are spending and the immoral class warfare that allows it all to continue without end. Warren Buffett again recently suggested we raise the rates on the wealthiest Americans to balance things out in our tax code. The problem is — despite what the left has to say about all the wealth at the top, and the disparity between rich and poor — that there isn’t enough money at the top to pay off anything so enormous as the US national debt.
Here is how Mark Steyn put it yesterday:
“If you took every single penny that Warren Buffett has, it’d pay for 4-1/2 days of the US government. This tax-the-rich won’t work. The problem here is the government is way bigger than even the capacity of the rich to sustain it. The Buffett Rule would raise $3.2 billion a year, and take 514 years just to pay off Obama’s 2011 budget deficit.”