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Fiscal Snooze

One important point: effective tax rates on high-income earners are at historic lows, and it should be abundantly clear to everyone by now that the Bush tax cuts were not wise policy moves -- especially at a time when the U.S. is prosecuting multiple foreign military adventures. The Bush tax cuts are a major policy driver of the current federal budget deficits, and the authoritative studies show that the economic impacts of removing them would be small.

Polling data suggests a solid majority of Americans support raising taxes on high-income earners back to normal levels, and Obama's reelection reinforced this fact. Accusations of "class warfare" don't pass the smell test with me -- especially at a time when many prominent, respected and wealthy Americans are lining up in favor of this move.

If our country's opposition party, after losing the election, is willing to sink the U.S. economy -- even when the president is offering them a real compromise on the spending side -- to preserve policy that was clearly a mistake in the first place, then our problems are much larger than "The Fiscal Cliff."

At the time of publication, the author was long AAPL and GOOG.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

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