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Investment Analysis Clubs / Macro Economic Trends and Risks


Subject:  Re: The Fiscal Cliff-Solving the wrong problem Date:  11/14/2012  9:03 AM
Author:  notehound Number:  408441 of 536867

rolling them all back and winning elections afterward because they are now a sacred cow

If all the tax cuts really were allowed to expire - on rich and poor alike, it would probably not impair politicians' re-election chances. Why? Because all politicians would merely blame the other party for the increase, voters would probably not change their votes in the next elections (too far in the future), and politicians can start promising to lower taxes again.

Almost all the people actually believe that their taxes won't go up even if we do go over the fiscal cliff. They somehow believe that only the "top 2%" are going to feel any pain at any time in the future. They have been listening to politicians, after all.

Politics has become a bit like religion. People truly have faith that their chosen politician will protect them from feeling any pain - so long as they're not in the top 2% (or making more than $250K), whichever is less.

It's a strange phenomenon.
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