The president, the House speaker, the Senate majority and minority leaders and, for that matter, Mitt Romney all have done the nation a major disservice by focusing almost exclusively on taxes for the top 1 percent or 2 percent of income earners for the past six months or so. Speaker John A. Boehner tried to talk about cutting spending, but the other side and its obsequious media are deaf to the subject. Democrats and Republicans alike have argued tenaciously that raising taxes on the rich, or not, is the heart of the problem. It’s not. The problem is overspending, not insufficient revenue from taxes.
Overspending is not hard to define, nor is it hard for the average citizen to grasp. Overspending simply means spending more than one takes in. It was deceitful for the president to imply that his tax-the-rich plan would fix the problem. It won’t. It’s deceitful now to suggest that any last-minute deal can somehow avert the principal disaster. It can’t, and it won’t. It’s time to stop looking for a deal and to start looking for a solution. “Cut, Cap and Balance” was a solution.