Election 2012 is over. It could be weeks until you hear anyone “approve this message” again. That’s the good news.
The ominous news is that the fiscal cliff is dead ahead. Both the short- and long-term fates of the economy may be altered by what Congress does in the coming months.
“Fiscal cliff” was first coined by Federal Reserve Chairman Ben Bernanke. It refers to the combination of automatic tax increases and spending reductions that will occur on or around Jan. 2, 2013, if Congress does nothing.
Congress must address the Bush tax cuts, sequestration and...