Tuesday, December 11, 2012
As the nation hurtles toward 2013's "fiscal cliff" — a combination of tax increases and spending cuts designed to tackle the nation's ballooning deficit — pundits from across the political spectrum are inciting full-scale panic.
They warn about the tax increases the fiscal cliff could bring while destroying a fragile economy and ravaging a citizenry facing difficult economic times. They call upon the president and congressional Republicans to do whatever is necessary to reach a compromise to avert this coming tax disaster.
My advice to President Barack Obama is different. He should let us go over the precipice.
I have no desire to cause a fiscal calamity, but I do believe that the current tax policy in Washington is so politicized and the rhetoric so detached from reality that no productive compromise can emerge. We need a fresh start before we can reach any meaningful consensus on future tax policy. The path to this fresh start lies just beyond the fiscal cliff.