Our World Is Full of Cliffs

Punditry is in a fit.  The federal government is headed for a fiscal cliff.  What can we do?  What should we do? Conservatives have some clear ideas:  cut the capital gains tax rate, which will increase revenue; open up all federal laws to energy production, which will also increase revenue without raising tax rates; cut entitlements and federal salaries by five percent; and promise no tax rate hikes, which will reassure our most productive citizens.  These steps are not draconian; they will merely get us on the road back to realism.  Look at the federal debt clock -- don't just look at the federal debt.  Some states, like California and Illinois, are in a fiscal death spiral. As bad as things are here, things are worse in Europe.  Fat sow unions in Europe and politicians who herald the umpteenth iteration of a Marxist panacea make nearly all the economic news from Europe bad, and the looming default on sovereign debt by Greece, Spain,...(Read Full Article)