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History Suggests Grand Bargain to Avert Fiscal Cliff

U.S. presidents have faced, and overcome, heavy debt loads in the past. Source: Library of Congress Prints and Photographs Division

By Kenneth D. Ackerman, as published in Bloomberg News.

The “fiscal cliff,” a combination of tax increases and severe spending cuts scheduled to kick in next year, is a product of multiple deceptions. Both the expiration date on the Bush-era tax cuts and the trillion-dollar “sequesters” that were enacted as part of last year’s debt- ceiling deal were designed to cover up an overarching problem: the country’s out-of-control debt.

The U.S. government today owes $16.05 trillion to bondholders and creditors, more than $51,000 for every American. This debt is already larger than the country’s annual economic output and threatens to cripple the economy for generations.

To read the column in its entirety, click here.

Also, feel free to check out Ken’s Viral History blog.

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