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."