A STATUS QUO ELECTION

We’ll know almost right away if Obama has the skill and desire to change Washington’s status quo. The U.S. economy is facing a $600 billion fiscal cliff ($500 billion in tax hikes and $100 billion in spending cuts come January first. If Obama is able to craft a grand bargain between now and New Year’s, things may really change. But if Congress kicks the can down the road, or we actually go over the cliff, look for a bitter four more years of disappointment.

And if you think a ‘grand bargain’ is possible, think about this: California Gov. Jerry Brown’s tax hike on the rich passed.