Fiscal Cliff Debate: Thelma Wants 95mph, Louise Demands 94

The Federal Reserve is warning that the U.S. economy is headed for a "fiscal cliff" because the Bush tax cuts will expire soon.  More specifically, the Congressional Budget Office (CBO) estimated that returning to the Clinton-era tax rates would cause a two-quarter recession in 2013 and reduce the nation's GDP by nearly four percentage points for the year. Meanwhile, politicians are using the issue for personal gain.  Like an actor taking a third bow after his audience has stopped applauding, former president Clinton went back on stage, proclaiming that the Bush tax cuts must be extended.  An Obama spokesman responded, "We should not extend and he will not extend the ... Bush-era tax cuts for the wealthiest two percent of the American people."  For once, congressional Republicans agreed with Mr. Clinton -- until Mr. Obama persuaded Clinton to retract his recommendation and parrot the president instead. Along with the spinning and class-envy pandering, the debate...(Read Full Article)