Tax Increases Appear To Have A Very

Cold-turkey Deficit Reduction Would Cause A Significant Recession. A Recent Analysis By The Congressional Budget Office Estimated That Going Headlong Over The Cliff Would Cause Our Gross Domestic Product, Which Has Been Growing At An Annual Rate Of Around 2 Percent, To Fall At A Rate Of 2.9 Percent In The First Half Of 2013.

As An Economic Historian, I Appreciate What Manufacturing Has Contributed To The United States. It Was The Engine Of Growth That Allowed Us To Win Two World Wars And Provided Millions Of Families With A Ticket To The Middle Class. But Public Policy Needs To Go Beyond Sentiment And History.

What I Desire To Point Out Is That I Wish The Law Was Not So, But That Being The Law, I Must Follow It.

If Increasing Income Equality Is The Goal, It Might Be Wiser To Put Money Into Infrastructure Than To Subsidize Manufacturing. Construction Also Pays Good Wages, But With Lower Educational Requirements. And America's Infrastructure Needs Are Enormous.

President Obama Has Repeatedly Urged Congress To Let The Bush Tax Cuts Expire For Those Earning More Than $250,000 A Year. Increasing Rates On Top Earners Is An Obvious Way To Raise Revenue From Those Who Can Afford It Most.