As Daniel Mitchell from Cato notes, there is a lot to love and a lot to hate about the deal that was worked out to extend the current tax rates. The quick rundown is, no one’s taxes are going up (Good), unless you’re dead (Bad) and its temporary nature will make it more of a depression protection as opposed to an economic boost (Ugly).
Of course, anything that the government does should be viewed as a mixture of good and bad. Often times, the fact they are doing anything at all is a negative or at best a necessary evil. The bad and ugly of the compromise have started to weigh on the minds of a lot of conservative pundits, and I think it is time for some perspective.
Keeping in mind that I am far from a champion of compromise, I think there is an overriding aspect of this deal that should be kept in mind: We kept the dollars out of the hands of the government. This is much more than a philosophical or ideological victory. It is a principled stand and should be applauded, not nitpicked.