Burgess COMMENTARY

Peter Burgess

UNDERSTANDING THE FISCAL CLIFF (in 2m 30s)

Acclaimed author, Berkeley professor, and Clinton-era Secretary of Labor Robert Reich lays out the what, why and how of the Fiscal 'Cliff', the showdown in Congress that Republicans created to demand painful cuts in vital domestic programs in exchange for raising taxes on the top 2%. Learn the facts, and the best way out of this forced showdown.

1. Hold your ground ... the wealthy have to pay their fair share of taxes
2. Strong bargaining position ... Let taxes revert to Clinton era tax rates
3. Tax cut for Middle
4. Higher Tax rates
5. Don't sacrifice medicare, social services
6. Don't cut investment in future prosperity ... investment is not spending
7. Cut spending on military ... cut corporate welfare
8. Don't cut the budget while unemployment is high ... don't do European austerity