Can we pause from our hypomanic poll checkups? Can
we stop tweeting about the early vote? Is it possible in the final days
of this close election to step back and reflect, if only for a few
moments, on the challenges that will face whoever is elected president
on Tuesday? I’m as guilty as the next pundit of obsessing over the fight
between Mitt Romney and Barack Obama. My nerves are fried. I’ve been
freebasing poll crosstabs like an addict. But the fiscal, economic, and
foreign policy crises that will likely unfold in the coming months
cannot be ignored.
Do not assume that Republicans or Democrats will watch the election returns and say, “Well, that’s it. The people have spoken. Time to pack it up and roll over.”
Quite the opposite: Trench warfare will endure no matter the outcome of
the presidential contest. Republicans will control the House and
Democrats will have a slight numerical edge in the Senate, whether or
not Obama wins reelection. Whoever is president will have to walk a fine
line if he wants the United States economy to boom, the deficit and
debt brought under control, and American interests protected. Criticism
will be intense. Opposition will be united. The media will bite.
The most pressing issues are debt and taxes. The government is expected to hit the debt ceiling by year’s end. America will walk off the fiscal cliff
on Dec. 31 if Congress and the president do not act. Federal spending
will be slashed by $1 trillion, including $500 billion in automatic
defense cuts. Income taxes on every income group will increase, as will
taxes on estates, capital gains, dividends, and payrolls.
No comments:
Post a Comment