The title comes from an old joke. A truck driver in a job interview is given a scenario. ”You’re headed down a long grade and your brakes fail. At the bottom is a one-lane bridge across a ravine with a bus stalled on it. Quick, what would you do?”
The driver answers slowly, “Well… what I’d do, is Id wake up old Joe.”
Surprised, the interviewer asks “What!? Why in the world would you do that?”
“Cause old Joe… he hain’t never seen a wreck like we fixin t’have.”
A friend asked me to explain the so called “fiscal cliff”. This story works as good as any I suppose. The American voter just cut the brake lines on runaway spending and OK’ed economy-suffocating tax increases, ostensibly on the rich. We’ll see yet how that works out for the voter.
Here’s the break down. January will bring scheduled tax increases. These increases are coupled with unassociated spending cuts agreed to in the last debt-ceiling
show debacle. The spending cuts are the real cliff according to many because the economy is largely dependent on Government spending. For others it’s the tax increases that have them worried. For still others it’s the cuts and taxes both because more people will have less money due to confiscation while less will have jobs due to cut-backs.
My guess is that it will probably get “fixed”. The fix however will be focused on stopping the spending cuts; and the Republicans can be expected to fold like cheap lawn chairs of course.
Regardless of what happens we can take one thing to the bank. Whatever is done to avert the “cliff”, the root problem of being fiscally irresponsible will not be “fixed”. Why not you ask? America, it seems, just told its government to keep the gravy flowing, responsibility be damned.