Fiscal Myths

A bunch of myths these days.

One is that the rates for increased taxes for high income individuals are only going back to the Clinton rates.  That’s not true since we face the higher rates of Obama care and higher income tax rates.

Another is that the fiscal cliff will further explode the deficit.  In fact, the deficit will decrease if we go over the cliff.  As noted 47% (that number again!!) think this.

Going over the cliff might be good for us if we get a real start on balancing our books.  I think we need to reductions in entitlements and increased taxes that impact most of us.  Maybe the wealthiest should bear the largest burden, but politicians have to stop telling us that we can have lots of service and GET SOMEONE ELSE TO PAY FOR IT:  no more trying to lay off the deficit on the back of the poor (the GOP) or the rich (I am talking to you Democrats.

Published on Calculated Risk | shared via feedly mobile

Oh my. From Business Insider: 47% Of People Think The Deficit Would INCREASE If We Go Over The Fiscal Cliff

Were the United States to “go over the fiscal cliff,” what do you expect would happen to the National Deficit?

At least according to the CBO and most economists, the correct answer is that “It will decrease.” Going over the Fiscal Cliff would, according a Congressional Budget Office study, result in a reduction in the National Deficit of $607 billion between fiscal years 2012 and 2013.

However that was not the most popular answer. Per the survey, 47.4% of respondents said that the deficit would INCREASE if we went over the Fiscal Cliff. Only 12.6% think it will decrease.

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