While we all watched football or just sat around recovering from New Year's Eve parties, our elected representatives saved us from falling over the fiscal cliff that they constructed over many decades, but accelerated over the last four.
The Republicans agreed that taxes had to be raised on those "millionaires" making $450,000, or more; and, in turn, President Obama has promised (fingers crossed behind the back) to cut spending. The tax to cut ratio is 41:1 percent, so for forty one dollars taken in, the president will cut spending one dollar.
So he says.
Now you can see that it really does not matter. If the revenue taken by this gesture would have mattered, the President would have still insisted that millionaires make $250,000. Instead, he caved.
Tax the rich and you get... nothing. Enough money to run the federal government for maybe 15 days. Meanwhile, a new fiscal cliff is being built, entitlement by entitlement and bill by bill.
The President already tried to make millionaires out of people earning $250,000, but failed at that. I'm betting that the new millionaire number will be even lower, when it comes to more money to feed the beast. I'll bet the next "millionaire" definition will be those earning $150,000, calculated by ObamaMath.
Oh, let's not forget, the two percent decrease in Social Security taxes or payments come back this year, so say good-bye to that. Think of it this way: you are on your way to becoming a millionaire. Nobody escapes this one, so you can kiss a few sushi dinners good-bye.
Now, you can go ahead and lather praise on the Republicans. They have "grown" in sensibility and "fairness" and now understand that the rich must pay more.
With that new mindset, there is no stopping lowering the bar.
Maybe that is okay.
Considering that a huge percentage of the the population already pays no income taxes (not to be confused with SSI and Medicare payroll taxes), it is only fair to get your "skin" in the game.
Do you want to be a millionaire?
Stick around. Both the Donkey and the Elephant are going to make you one, because there will be no cuts to spending and more millionaire will have to be found, even if they work at McDonald's.
That is, if the country does not default.