Fiscal responsibility – who is really in control?
It’s interesting to watch the two parties argue and fight about the “fiscal cliff,” the primary dilemma being “tax the rich” versus reduction/adjustments of entitlement benefits. What is somewhat comical is that these leaders actually think that they are in control. Yes, they can control their choices but they can’t control the consequences.
In the end, principles and the marketplace will control the amount of fiscal responsibility in the U.S. Just watch what happens if the plans fail to really address the issues (hint: see Greece).
The good news is eventually leaders are forced to get it right. I only hope they learn sooner than later so we don’t have to endure too much pain while they argue about which party is right.