Should We Push the Pentagon off the Cliff?
You can’t open a newspaper or watch a TV news program anywhere in the U.S. these days without endless speculation about the impending “fiscal cliff” – a combination of automatic spending cuts and tax increases that will occur if Congress and the President don’t come up with a deal to cut the federal budget deficit. The first thing to know is that for the most powerful sectors of U.S. society, there will be no “fiscal cliff” – they are sitting on plenty of cash and can easily weather any short-term reductions in their revenues.

