The so-called fiscal cliff was designed by the White House as a method of raising taxes to feed an ever-hungry government that has averaged deficits of over a trillion dollars during each of Obama’s years in office without actually cutting spending. After all, how can taxpayers worry about government spending
when they need to be rescued from a fiscal cliff?
Once again Obama and the Democrats have taken “Bush tax cuts," in effect for a decade, as a political hostage
Meanwhile, Senate leader Harry Reid
hasn’t produced a national budget in well over three years. Hard to be over budget when you don't have one, right, Harry?
would like to cut government spending and put a hold on tax increases until the private sector creates enough jobs to turn back threats of another recession.
On the other hand, Democrats want to increase taxes and increase government spending in hopes of creating more government jobs will help the economy.
Congress has been under control of Democrats since 2007, except for the two years since 2010 elections when Republicans took over the House of Representatives. The economy tanked in 2009 and the so-called economic recovery is among the slowest in the country’s history.
While Obama has used campaign slogans like “change” and “forward,” little has changed for the better under his watch. Mostly, things have gone backwards
The U.S. is still running annual deficits of about a trillion dollars, we are still talking about a fiscal cliff and the economy is sputtering along at glacial speed.
Nevertheless, Americans have opted for four more years of Obama and Biden, a decision that will affect the lives of every American as well as many people in other countries.
While Obama has thrown down the same fiscal gauntlet he has used for years, some say even if he got the 10-year $16-trillion tax increase he proposed, it would do little for the economy. Much of the money would be used to pay for the looming costs of Obamacare and trillions more would go to create government jobs and for grants that would ultimately hinder the economy.
"No substantive progress has been made in the talks between the White House and the House over the last two weeks," House Speaker John Boehner (R., Ohio) said after meeting with Treasury Secretary Timothy Geithner Thursday and speaking to Mr. Obama by phone Wednesday night. "The White House has to get serious."
Setting deficit spending, tax increases and the massive costs of Obamacare to the side, another familiar U.S.economic showdown is set to hit in February or early March. The current debt ceiling is $16.394 trillion, and the government currently has $16.244 trillion in debt. Thursday, the Congressional Budget Office reported that spending would reach the debt-ceiling in February or March.
Deja vu all over again. The debt ceiling will be described as yet another fiscal cliff, Obama will propose increasing it, the Republican-controlled House will say not without matching cuts in spending, and taxpayers will get billed for the difference.
Meanwhile, a budget-less Democrat-controlled U.S. Senate will continue to demagogue Republicans while producing nothing worth mentioning.