We should never lose hope

By the time this magazine reaches your desk, the holiday season will be in full swing. From my perspective, this is a very special time. It’s a time to give thanks for the many blessings we have received during the past year. Just as important however, it is also a time of hope as we prepare to ring in a new year.

Since this publication needs to be at the printer on November 6, 2012, which as you know was Election Day, I’m in the dark as to the election results. So, as I think of the importance placed on this election, like any red-blooded American, I’m concerned. But I also remain hopeful in the future of our country.

We have two individuals running for president with two completely different approaches to leading this country for the next four year. However, of equal concern is how the House of Representative and the Senate will change. I believe an argument could be made that the real power and authority within our federal government lies in this legislative branch.

This being said, once the elections are over and all the votes counted, the legislative branch needs to get back to work. We, the American people are standing on the edge of a financial cliff and our Congress has approximately 6 weeks to bulldoze the cliff down. If nothing happens, which is one thing Congress has experience in; we will be facing an economic crisis much like four years ago.

Should Congress do nothing, the policy changes slated to go into effect the first of the year will cause critical federal spending to fall and increase federal taxes by an estimated $607 billion the coming year.

For example, if the Bush-era tax cuts expire, federal taxes will increase by $221 billion next year, according to the Congressional Budget Office. The one-year payroll tax cut, which passed in December 2010 if not extended, will raise taxes by $95 billion in 2013. In addition, let’s not forget that sequestration, which is projected to reduce federal spending across government programs by $109 billion, is scheduled to begin on January 1, 2013.

On top of all this, we are also facing the expiration of unemployment benefits, cuts to Medicare providers, and the expiration of other current tax deductions.

Yet, as I said earlier, the holiday season is a time for hope. Both parties have expressed a desire to extend current policies in order to avoid letting the American people fall off the financial cliff. So, during this holiday season we need to remain hopeful that a last-minute agreement will take place in Congress. After all, Goldman Sachs believes there is a 65% chance that an extension is forthcoming and Moody’s is placing the odds of an agreed-upon extension at 85%. So, there is reason to be hopeful.

On behalf of Today’s Medical Developments entire staff, I would like to wish you a very happy and enjoyable holiday season and a prosperous new year.

tgrasson@gie.net