The Cliff Is Dead, Long Live the Cliff


English: This is a chart created to demonstrat...

English: This is a chart created to demonstrate graphically the historical tax rates for the lowest and highest income earners in the United States.
(Photo credit: Wikipedia)

By Robert Kahn – A deal has been made, a financial crash avoided, and near-term growth prospects look rosier. Markets have cheered news of the agreement.

Is such cheer warranted?

Governing by deadline is a terrible way of doing business. Leads to bad policy at home, weakens our status abroad. This deal avoids hard choices and ensures continued policy uncertainty that will be a drag on the economy. It produces a small amount of revenue and makes permanent tax rates that are too low for the long term. For all these negatives, give this deal a grade of incomplete. On to the next cliff. more> http://tinyurl.com/a9ymo7a

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