Pharos-Tribune

Editorials

November 27, 2012

OUR VIEW: Time to solve nation's fiscal crisis

Everyone seems to agree that it’s long past time for our nation’s leaders to come up with a plan to avoid the “fiscal cliff” of massive tax increases and spending cuts set to take effect next year.

We agree, that is, until we start talking specifics.

A coalition of business groups, for example, says it’s all for cutting spending, but it says raising tax rates is out of the question.

The homebuilding industry wants a deal, too, but it says it won’t tolerate even a small drop in the mortgage interest deduction, even as part of a broad, spread-the-pain package designed to tame the soaring debt.

And the American Association of Retired Persons says it’s absolutely against any cuts to Medicare and Social Security. The organization opposes the notion of slowing the cost-of-living formula for Social Security recipients, even if it’s part of a big, bipartisan compromise, and it says President Barack Obama ought to forget about the idea of raising Medicare’s eligibility age.

So much for the notion of shared sacrifice.

Congress and the White House face a Dec. 31 deadline to come up with a far-reaching deficit-reduction plan. If they fail, the government tips over the so-called fiscal cliff. Nearly everyone’s taxes will go up, and federal programs will be slashed.

Economists say the effect might mean another jolt to financial markets and maybe even a new recession.

In spite of the threat, the various interests seem far from settled on a solution.

An Associated Press story reports that it’s virtually every group for itself in Washington these days. Everyone’s scrambling to protect every penny of every tax break and government payout it now enjoys. It notes that the old adage, “Don’t tax thee, don’t tax me, tax the man behind the tree” was never more in vogue.

We all agree on the wisdom of compromise when we’re talking in the abstract, but when the talk turns to specific ideas that run counter to philosophies or bottom lines, we get a little less flexible.

Maybe it’s just too early to start thinking about making a deal. The big deadline, after all, is still more than a month away.

Still, it’s troubling to hear the talk on Sunday morning news programs that going over the proverbial cliff might not be so bad after all.

It’s time to start taking this threat seriously. It’s time to find a solution.

1
Text Only | Photo Reprints
Editorials
  • OUR VIEW: Police force turning into military? The images this week of Ferguson, Mo., in the wake of the civil unrest caused by the death of unarmed African-American teenager Michael Brown have been shocking to say the least. Were the dateline removed from the pictures, one could easily imagine t

    August 19, 2014

  • OUR VIEW: Depression a disease, not a mood Robin Williams had it all.A picture perfect family — the supportive, doting wife and three loving children.Talent beyond belief.The admiration of the masses.Riches and all the luxuries they provide.Yes, Robin Williams sure did have it all.But he had

    August 17, 2014

  • THEIR VIEW: Law should allow preference to locals When the Anderson Redevelopment Commission awarded a $2.11 million contract to an Indianapolis company last week, you could almost hear a collective groan from the Madison County business community.E&B Paving, an Anderson company, had bid $2.12 milli

    August 14, 2014

  • THEIR VIEW: Beg to differ — but express yourself civilly “The people who get on in this world are the people who get up and look for the circumstances they want and if they can’t find them, make them.”— George B. ShawComplaining is a chronic, contagious malady. Very few, in any community, are immune.We com

    August 13, 2014

  • THEIR VIEW: Evil can take on many names They are beheading children in Iraq. Children of Christian parents in particular. Children of people not used to fighting back.ISIS is the name this time. It is a well organized, well funded and well equipped — with captured U.S. military equipment —

    August 12, 2014

  • THEIR VIEW: Disregarding the sanctity of life An Indianapolis woman was arrested Saturday after police said she abandoned her newborn baby boy in a trash can at a warehouse where she worked.Unthinkable?Unfortunately, no.For example:• In April in South Carolina, Greenville police responded to a r

    August 8, 2014

  • OUR VIEW: Bus crash an important reminder A Maconaquah bus collided with another vehicle on U.S. 31 at the intersection with Miami County Road 800 South.A 68-year-old passenger in that vehicle was flown by helicopter to Lutheran Hospital.It was the first day of school for the 18 kindergarten

    August 7, 2014

  • OUR VIEW: Sounding the alarm on bad alarms Here in the newsroom, we listen to police and fire calls on the scanner all day, every day. We hear all manner of calls and the corresponding dispatch of the appropriate emergency responders. We listen because it’s a part of the news-gathering proces

    August 6, 2014

  • OUR VIEW: Save money, finish education faster The percentage of adults with college degrees in Indiana has dropped over the last decade. The Hoosier State’s college attainment rate is 41st in the nation.There is an urgency to raise the completion rates of two-year and four-year college degrees,

    August 5, 2014

  • OUR VIEW: Try walking to school this year At the risk of sounding like “old fogies,” we remember walking to school when we were kids.Back in the day, that’s how it was. If it was within walking distance, you were walking to school.Today, like much else, it’s a very different picture. The vas

    August 3, 2014

Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Poll

Does Indiana need a statewide water management plan and an administrator to implement it?

Yes
No
Unsure
     View Results
Featured Ads
AP Video
US Trying to Verify Video of American's Killing FBI Director Addresses Ferguson Shooting in Utah Raw: Police at Scene of St. Louis Shooting Police: 2 Calif. Boys Planned School Shooting NOLA Police Chief Retires Amid Violent Crimes Lunch Bus Delivers Meals to Kids Out of School Water Bottles Recalled for Safety Researcher Testing On-Field Concussion Scanners Rockets Fired From Gaza, in Breach of Ceasefire Raw: Japanese Military Live Fire Exercise Police, Protesters Clash in Ferguson Independent Autopsy Reveals Michael Brown Wounds Nashville Embraces Motley Crue Obama: 'Time to Listen, Not Just Shout' Lawyer: Gov. Perry Indictment a 'Nasty Attack' Raw: Russian Aid Convoy Crosses Into Ukraine Iowa Man Builds Statue of a Golfer Out of Balls Assange Gets Cryptic About Leaving Embassy in UK Raw: Building Collapse in South Africa, 9 Dead Raw: Pope Francis Meets 'Comfort Women'
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.