The conservative economist in California opines about the fiscal cliff talks in Washington, D.C.: "First of all, despite all the melodrama about raising taxes on 'the
rich,' even if that is done it will scarcely make a dent in the
government's financial problems. Raising the tax rates on everybody in
the top two percent will not get enough additional tax revenue to run
the government for ten days. And what will the government do to pay for the other 355 days in the year?"
He adds: "Taxing 'the rich' will produce a drop
in the bucket when compared to the staggering and unprecedented deficits
of the Obama administration. No previous administration in the
entire history of the nation ever finished the year with a trillion
dollar deficit. The Obama administration has done so every single year.
Yet political and media discussions of the financial crisis have been
focused overwhelmingly on how to get more tax revenue to pay for past
and future spending."
Thomas Sowell Op-Ed: Fiscal Cliff Notes
