Implode-o-Meter News - Charles Hugh Smith - About Raising Taxes as the "Solution" to the Fiscal Cliff....

Raising taxes is the "solution." Too bad incomes are declining. What will raising taxes do to household savings, spending and the economy?
We all know cutting Federal spending is politically impossible, so that leaves raising taxes as the only "solution" to the "fiscal cliff."
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Even if we were able to squeeze some additional taxes out of the parasitic Elites, their income stream is dwarfed by the Federal spending that looms ahead: The Fiscal Cliff and Demographic Drag. The top 1/10th of 1% cannot pay the rapidly expanding Federal benefits of the 99.9%, even if we confiscated every dollar of their incomes.'

Relevant:

Charles Hugh Smith - About Raising Taxes as the "Solution" to the Fiscal Cliff....