Several prominent Republicans now say they may violate the so-called “tax pledge” if it means avoiding a plunge over the “fiscal cliff”. National economic disaster may trump the Norquist pledge that says the politician will “oppose any and all efforts to increase the marginal income rates for individuals and/or business” … and “oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates”.
The pledge says nothing about controlling or reducing federal spending, which to me is the key to all of this. Without seriously addressing entitlements … including Social Security, Medicare, and Medicaid … consensus, compromise, agreement doesn’t seem possible.
I understand that candidates signed the pledge to gain political support. And I understand anyone’s belief that raising taxes is generally a non-productive thing to do. But we’ve fought two wars without a tax increase and without controlling spending one bit.
Something’s got to give.
Our thought for today is from Solon:
“Put more trust in nobility of character than in an oath.”