Economy isn't the real beneficiary of fiscal cliff deal - The Term Sheet: Fortune's deals blogTerm Sheet: "For many years now, the rich have done very well in America while the middle class has stagnated and a growing number of poor Americans have fallen through the country's stretched safety nets. Even in the aftermath of a global financial crisis triggered by irresponsible risk taking and excessive concessions to powerful lobbies, the bulk of state support has gone to the better off segments of society. The fiscal cliff compromise is the first meaningful attempt to redress this multi-year phenomenon. By increasing tax rates on better off segments and by maintaining redistribution mechanisms, an effort is being made to stop years of steady deterioration in income and wealth inequalities. Yet the benefits will only prove durable and meaningful if the nation's overall economic context is addressed in a more comprehensive manner that improves economic growth and creates jobs. For that, we need a much more visionary, responsible and functional Congress. --Mohamed El-Erian is the CEO and co-chief investment officer of PIMCO. President Obama recently appointed El-Erian to head the U.S. global development council."
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