America
There shouldn’t be as much as one Democrat worried about “going over the fiscal cliff.” All it would mostly mean is re-instituting what were the marginal income tax rates during the Clinton years. And they keep telling us that those and those alone were solely responsible for the “prosperity” of the 1990s. (*)
(*) – Never mind the low gas prices, the glut of VC flooding SV and every dot com flash in the pan idea of 20-year olds, a reasonable level of Federal spending as a percentage of GDP due to pre-9/11 and pre-Afghanistan/Iraq and pre-Medicare Part D and pre-Baby Boomer retirement pressure on Social Security and Medicare and pre-TARP and pre-ARRA, a Republican Congress that, while far from perfect, was loath to adopt the kind of big government Clinton really wanted, and at least until the very latter part of the 1990s, fairly affordable family formation prospects due to the housing bubble not yet manifesting. Needless to say, the “prosperity” that existed during the Presidency of B.J. Clinton was due to a combination of factors which will probably never present ever again.
