If we go over the fiscal cliff, there will -- SUPPOSEDLY -- be 1.2 trillion dollars in spending cuts over 10 years. Is that what would happen? 1.2 trillion dollars in cuts? I don't think so... think about it....
If we go over the fiscal cliff, it is 110 billion in year one (multiplied 10 years equals about 1.2 trillion dollars). $110 billion is not a huge amount if you think about how much waste could be stripped away from the government that no one would feel.
You and I both know that after the first year, Congress will change it. They have the authority to do so and they will. Congress will get back to doing what they do best: spending! They will rewrite the fiscal cliff -- nothing sticks in Washington beyond one year.
What is going on now is simply Washington political drama to see who wins. This is not working on a problem and looking for a real solution.
Am I wrong?
P.S. - This is not to say they should not do anything now and prevent us going over but merely to give you a taste of Washington reality.
Cross-posted from GretaWire