Thursday, November 29, 2012

Fiscal Cliff: Maybe we all should just jump?

Fiscal Cliff: Maybe we all should just jump?
November 29.2012
PJ Blogger
Ridgewood NJ, The end is near , the "fiscal cliff" is upon us ,if we don't do this now we are all gonna die .Sounds like I have heard all this before .
Why even stock picker Jim Cramer went on CNBC to talk about why he's now more pessimistic Washington will be able to compromise on the "fiscal cliff" and suggests it may take a big stock market drop to force lawmakers into a deal. Cramer even went as far as to claim the Dow Jones could suffer a 1000-Point Drop .
"Economist" Paul Krugman. warned “Suddenly the clear and present danger to the American economy isn’t that we’ll fail to reduce the deficit enough; it is, instead, that we’ll reduce the deficit too much,”
And the White House has pulled out all the stops taking to twitter with the 'My2k' hashtag , to promote its tax the rich economic policy , as a key element of Obamanomics .
While the media obsesses over the Grover Norquist's "NO" tax pledge , spineless Republicans cower in the corner still not realizing that that no matter what the outcome Republicans will be blamed for everything . Republicans will looses all or most of their base if they cave, Republicans will get blamed later on as the deficit continues to grow with claims that they didn't raise taxes enough , putting them squarely in the "no win " situation. Maybe its time , if your going to be the "Bad Guy" , get to be the bad guy.
The whole debate has shifted from deficit reduction to Taxes, Taxes and more Taxes , with the White House is taking the pay me now , and we will fix the mess later attitude. I think I have heard that one before also.
The fact is, many Democrats actually want to spend more, at least in the short term. The president’s most recent budget calls for $2.6 in increased spending between now and 2022. That’s $1 trillion more than the $1.6 trillion that the president has called for in new taxes. Therefore, the tax hikes would not be used to reduce the deficit, but to finance new spending. And, according to news reports, the president has already floated the idea of still more stimulus spending as part of the fiscal-cliff talk ( )
Does anyone really think all that Stimulus really helped ?
I say give the public what it wants ,which we are told is " higher taxes " and the best way to do it is to Jump! Embrace our failure as a nation take on the chin for the next generation and endure the "massive" spending cuts and new taxes.
On midnight on December 31, 2012,  the end of last year’s temporary payroll tax cut (resulting in a 2% tax increase for workers), the end of certain tax breaks for businesses, shifts in the alternative minimum tax that would take a larger bite, the end of the tax cuts from 2001-2003, and the beginning of taxes related to President Obama’s health care law , people want it they should have the opportunity to pay for it .
And on the spending side the cuts agreed upon as part of the debt ceiling deal of 2011 will begin to go into effect. According to Barron's, over 1,000 government programs ,including the defense budget and Medicare but we are not sure about free phones and free TV's are in line for "deep, automatic cuts."
The medicine is harsh and it could kill the patient , but lets face it sometimes we all need a good kick in the arse.

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