John Feehery: Speaking Engagements


The Hoax

Posted on December 27, 2012

The Fiscal Cliff is the Washington equivalent of the Mayan Apocalypse.

I bet you that the day after we go over the cliff, we will feel pretty much the same as we felt the day after the end of the Mayan world.

Another day older and deeper in debt, owing our soul to the company store.

But the world goes on, post-fiscal cliff and post-Mayan Apocalypse.

This fiscal cliff thing is a man-made hoax.  More specifically, it is Washington-made.

To say that the economy will suddenly collapse on January 2 should Congress not act is ridiculous.

The Bush tax cuts will expire.   So what?  We all have to pay more taxes.  Yeah, well don’t we have to pay for Bush’s two wars and Obama’s spending spree?  Isn’t about time we start doing that?

Spending cuts will go into fact.  So what?  Don’t all the smart people understand that we have to cut spending somewhere?  Isn’t the Pentagon and the Medicare program two really good places to start to cut spending?

Might this start us back into a recession?  Maybe, I think what the business community really wants is some certainty.  If they can predict what the government is going to do, then they can make investments.

This whole thing is a hoax.

America suddenly gets to be fiscally responsible, and then world ends.  Is that what we are supposed to be believe.

Well, maybe it will die of shock.  America, fiscally responsible?  Will never happen.

Congress will come back into session either this week or next and then vote to postpone the pain.    And at some point in time, the Republicans and the Democrats will come together (as the words on the Starbucks cup encourage), make sure that far fewer people will pay more taxes than under the current law.  They will also make far fewer cuts in government spending than they should.

The markets will cheer and the politicians will claim victory and the media will say that disaster has been averted.  But nothing will be done to cure our real fiscal problems.

But our debt and deficit is no hoax.

It is a serious problem and we need to something about it, soon.