Values & The Fiscal Cliff | National Catholic Reporter

Values & The Fiscal Cliff | National Catholic Reporter by MSW.  MGB: Bruce Bartlett's New York Times Economix blog today addresses the long term debt.  It turns out that Medicare and Medicaid is not the cause.  Rather, the biggest factor in increasing debt is net interest costs building on themselves because of tax cuts.  Nothing else is really as out of control.  This is a nice racket for the wealthy to the extent that they receive the interest on the debt and their taxes are too low to finance the repayment, which is continually rolled over.  The question is whether the world will continue to let this happen.  This is doubtful, which is why any solution includes tax increases for the wealthy, even as they would cut spending for - and presumably tax - the poor or insist that their needs be met by non-public means.