“I’m not a fan of Boehner, but that doesn’t mean this deal wasn’t better than the one that’s likely to follow. I understand and agree with the principle that punishing the rich for their success isn’t a good thing. But I also understand the impact on good people if we enter another major recession in 2013.”
This recession talked is Kenisian (or however you spell it) and is being pounded on us by the Dems and the media. We’ll just see what happens if we start seriously cutting our deficits with the revenue increases (particularly from the poor and middle classes that have had a virtual free ride for the past decade) from letting the Bush cuts expire.
For this to work the economy will have to hold steady after the increases. I don't think it's Keynesian to say that's unlikely. There are already increases in the Obamacare bill that will reduce employment and harm the economy. I think we will lose revenue.
I think a hike on those making over $1M might have raised some revenue without slowing the economy, but this general hike will not. And that would not have been nearly enough revenue.