The Fiscal Cliff

If House Republicans agree to President Obama's proposal -- tax hikes on the wealthy, no spending reductions -- the economy will slow. If they do not agree and the country careens off of the "fiscal cliff", the economy will slow. There is no incentive, in other words, to accede to the president's imperious dictation. It will neither improve economic growth nor put more than a modest dent in the federal deficit.

Neither is there a political incentive. Republicans have already signaled their willingness to increase revenue through eliminating loopholes and deductions in exchange for spending reductions and entitlement reform. The White House has refused to discuss anything other than rate increases and promises to only consider minor spending reductions after the new year. In effect it is asking Republicans to sacrifice their brand as the low tax party on the basis of fear that they will be blamed for the economic downturn that follows if we do go over the cliff.

There is good reason to believe that fear is unfounded. The House leadership has not only offered to negotiate but even indicated the grounds upon which they would be willing to make concessions. The president refuses to countenance anything but gratuitous tax hikes that will accomplish nothing beyond satisfying some stupefying sense of "fairness".

Should the paychecks and well-being of every single American be sacrificed on such an absurd, ideological altar there is every reason to believe they will assign the blame appropriately, not upon the head of John Boehner.

There is absolutely no compelling reason for House Republicans to allow the president to trample over them.