Even if Congress manages to come up with a solution to avert the “fiscal cliff,” a combination of year-end tax increases and spending cuts, it won’t be worth anything because it’ll probably only deal with tax rates and ignore the problem of runaway government spending, or so say Texas Congressman and former presidential candidate Ron Paul.
“I think we have passed that point of no return where we can actually get our house in order,” Rep. Paul said Friday on CNBC. “I believe there is too much bipartisanship on the spending. Nobody is talking about cutting any spending.”
“Republicans and Democrats,” he continued, “they pretend they’re fighting up there, but they really aren’t. They’re arguing over power, spin, and who looks good, and who looks bad, but they’re all trying to preserve this system where they can spend what they want, take care of their friends, and let the Fed print money when they need it.”
However, that’s not to say Rep. Paul doesn’t believe U.S. lawmakers will come up with temporary solutions to things like the “cliff.”
“[It’ll be] sort of like — how many times have they had a ‘solution’ for the Greece crisis? About ten or 15 times?” the congressman asked, referring to the eurozone’s most unstable and financially broken member.