Burman: Barack Obama’s approach to fiscal cliff could make or break his presidency
When the history is written of Barack Obama’s presidency, his speech on Friday to the American people will be more than simply a footnote. It will be the beginning of a chapter that will likely be the most important of his presidency.
This chapter will either end in triumph, ensuring he is remembered as a truly transformational president, or in disaster, relegating him to the periphery of American history. Either way, the mind-boggling roller-coaster of nerves and nonsense, which seems to define American politics these days, is on the move again.
This time, the roller-coaster is edging ever so close to what economists regard as a catastrophic “fiscal cliff” facing the United States on Jan. 1. Due largely to the failure of Democrats and Republicans to resolve the key U.S. economic issues so far, the country will fall over the edge at year’s end through a series of drastic public-sector spending cuts from defence to Medicare, and through the expiration of several large tax breaks, affecting the wealthy, the middle class and small businesses. Unless it’s avoided through some sort of compromise between the two parties, the damage to America’s economy and reputation will be incalculable.
There is a tremendous irony here. Obama in 2008 was elected on a mandate of “hope and change” but many of his supporters believe he really didn’t deliver on either. But now that he has been granted a second term — largely through the ineptness of the Republicans — Obama has a second chance. The marvels of American history continue to amaze.
http://www.thestar.com/news/world/article/1285727--burman-barack-obama-s-approach-to-fiscal-cliff-could-make-or-break-his-presidency
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