Fiscal Cliff Notes: Part II

By:  Thomas Sowell
12/05/2012
       
Fiscal Cliff Notes: Part II

One of the big advantages that President Obama has, as he plays "chicken" with the Congressional Republicans along the "fiscal cliff," is that Obama is a master of the plausible lie, which will never be exposed by the mainstream media — nor, apparently, by the Republicans.

One of the big advantages that President Obama has, as he plays "chicken" with the Congressional Republicans along the "fiscal cliff," is that Obama is a master of the plausible lie, which will never be exposed by the mainstream media — nor, apparently, by the Republicans.

A key lie that has been repeated over and over, largely unanswered, is that President Bush's "tax cuts for the rich" cost the government so much lost tax revenue that this added to the budget deficit — so that the government cannot afford to allow the cost of letting the Bush tax rates continue for "the rich."

It sounds very plausible, and constant repetition without a challenge may well be enough to convince the voting public that, if the Republican-controlled House of Representatives does not go along with Barack Obama's demands for more spending and higher tax rates on the top 2 percent, it just shows that they care more for "the rich" than for the other 98 percent.

What is remarkable is how easy it is to show how completely false Obama's argument is. That also makes it completely inexplicable why the Republicans have not done so.

The official statistics which show plainly how wrong Barack Obama is can be found in his own "Economic Report of the President" for 2012, on page 411. You can look it up.

You may be able to find a copy of the "Economic Report of the President" for 2012 at your local public library. Or you can buy a hard copy from the Government Printing Office or download an electronic version from the Internet.

For those who find that "a picture is worth a thousand words," they need only see the graphs published in the November 30th issue of Investor's Business Daily.

Click here to read the entire article.

Thomas Sowell (photo)

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