If I were a businessman, I’d be selling defective parachutes to the politicians who are about to jump the country off the “fiscal cliff.”
But if you’re a more-serious type, say a top company exec, why not step up and try to help us avoid the cliff altogether? Why not use some of the power that capitalist critics say you have to pressure Washington to work out a budget deal?
C’mon, get in the fight.
For calamity looms on Jan. 1. That’s when the Bush tax cuts and the payroll tax reduction expire and when automatic spending cuts reached under the debt ceiling deal kick in.
The Congressional Budget Office says that taxes will rise by $399 billion and spending will fall by $100 billion.
About that time we’re also set to again crack against the $16.394 trillion debt ceiling.
Economists across the board warn that a budget impasse will tip the country into recession.
Business executives should care for the obvious reasons.