Thursday 17 August 2017

Kim Dixon: Far from saving the economy, this new deal does little more than kick the can down the road

IN the controversy surrounding the "fiscal cliff" issue, it's easy to forget that the origin of the entire debate was a desire to reduce swollen federal deficits.

Whether the target was $4 trillion over 10 years, as proposed by the Bowles-Simpson deficit reduction commission, or in the $2 trillion range, as tossed around by House of Representatives Speaker John Boehner and President Barack Obama, the idea was to rein in total debt that now tops $16 trillion.



By those standards, the bill passed by Congress last night to avoid the cliff's automatic steep tax hikes and across-the-board spending cuts, looks paltry indeed.

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