One of the better articles and the best chart from the Congressional Budget Office I’ve seen concerning the fiscal cliff and the effect it will have on jobs. The most important factor to note here is the difference in jobs with the two different Bush tax cuts options. We’ve been led to believe by the GOP that the tax cuts for the alleged “job creators” (a.k.a. the wealthy but not technically job creators in the U.S.) are critical and our economy cannot move on without them. But, as the author of this article puts it, “Washington is haggling over the least stimulative part of the fiscal cliff — the Bush tax cuts for the rich” (emphasis added). Obviously, Republicans are showing they are not serious about deficit reduction as they continue to block this maneuver. The question now becomes: will the GOP cause another recession just to get their way on the most insignificant part of the fiscal cliff debate?
A worthwhile read about the fiscal cliff and the potential effect of either extending all the Bush era tax cuts or extending them only for the middle class earners and below. A critical piece of info seems to be missing here and that is the amount of revenue possibly generated to begin battling the deficit by these maneuvers. Would be a good bit to chomp on as this debate continues. But the crucial part to recognize in this article is the reality that a tax increase on the wealthiest in the country will not have much of an effect in the way of hurting the economy and other measures can be used to offset the smaller growth projected by it.