The Deficit Debate Is Being Driven By The Wealthy

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Photo: AP/Alex Brandon

There must be a reason that every time I hear the term “fiscal cliff,” the image that comes to mind is of Wile E. Coyote pumping his feet in midair just before plunging into the valley below.Is it that the debate over when and how to cure the federal deficit has reached new heights of cartoonish inanity? That we are now being treated to finger-wagging about the need to get our fiscal house in order by corporate CEOs like JPMorgan Chase‘s Jamie Dimon (trading loss $5.8 billion and counting, potential cost to ratepayers from alleged manipulation of the California electricity market $200 million and counting).

Or is it that the remedies for the deficit always seem to involve cutting taxes for the top 1% of U.S. income earners while cutting Social Security retirement benefits (average monthly check: $1,230) for everyone else?

Read the rest at the Los Angeles Times >

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