Fiscal Cliff, Middle East Turmoil Lead The News
Fiscal Cliff Negotiations
President Obama and members of Congress will meet today in an attempt to reach a consensus solution to the looming fiscal cliff. As policymakers seek a balance of entitlement cuts and tax reform former Clinton staffer Erskine Bowles and former Senator Alan Simpson weighed in on the debate.
They believe that cuts to Social Security and Obamacare will be needed to gain control of the nation’s budgetary and deficit problems. The namesakes of the Simpson-Bowles deficit reduction panel also believe lowering tax rates and eliminating tax deductions would stimulate the economy.
The conflict in the Middle East flared again as Palestinians and Israel exchanged missile and rocket fire. In response, Egypt sent its prime minister to Gaza to show support for the Palestinians. An invasion of Gaza by Israel would certainly have damaging consequences on the relationship between Egypt and Israel.
Any further action, however, is likely to be a double-edged sword for Israel in terms of the costs and benefits of striking Gaza.
Would lowering tax rates benefit most taxpayers?
Wall Street Journal columnist Stephen Moore examines tax rates over the long-term to determine whether the impact would be a boon or a bust and what impact it would have on economic growth.
While millions of their fellow Greeks are suffering from joblessness and austerity cuts, Greece’s one percent live an out-of-the-ordinary life.