We are going off the "fiscal cliff" on Jan 1, and there is nothing we can do about it, because President Barack Obama wants it to happen.
Why? Because if we go off the cliff, all of our taxes go up Jan. 1, rich and poor alike.
He wants this to happen, because he can then try to blame the Republicans for the higher tax levels .
Also, he will then be in a position to take credit for reducing taxes to their prior level as part of some "deal" with Congress to fix the economy.
Of course, the tax cuts wouldn't apply to those earning over $250,000, because that was a campaign promise.
The fallacy of this increase in taxes is that it would raise only $80 billion annually, whereas we have an annual budget deficit of $1.3 trillion .
That's a drop in the bucket in balancing the budget.
The biggest cause of the deficit is the massive increase in government spending under Obama, not insufficient tax revenue.
The president has had four years to get spending under control, but it won't happen because he doesn't want to happen
Hang on to your wallets.