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| Republican Party (United States) (Photo credit: Wikipedia) |
"Two-thirds of all federal spending comes from entitlement spending - that means when you wake up in the morning, two-thirds of the money is already spent. By 2020, that goes up to 90%."Markets rally on US fiscal cliff deal
Letting the high-income Bush tax cuts lapse, for example, generates $42 billion in 2013 but hardly hurts GDP at all. By contrast, the defense cuts amount to $24 billion but hurts growth by 0.4 percentWhat's in the fiscal cliff?
$7 trillion worth of tax increases and spending cuts over a decade. ..... While that might seem like a deficit hawk's dream come true, it's anything but. ..... "It's too big, too quick, and focuses on the wrong parts of the budget" ..... reductions in both defense and non-defense spending; the expiration of the Bush tax cuts; the end of a payroll tax holiday and extended unemployment benefits; and the onset of reimbursement cuts to Medicare doctors. ...... If left in place, the fiscal cliff would lead to the biggest single-year drop in the annual deficit as a percent of the economy since 1969. ...... But because it would be so abrupt and arbitrary, it also could throw the United States back into a recession next year, when more than $500 billion will be taken out of the economy. ...... automatic spending cuts to commence on Jan. 2 that will amount to $1.2 trillion in deficit reduction over 10 years. ..... $55 billion will be cut in 2013 from projected levels of discretionary defense spending. That translates into at least a 10% cut to every program, project and activity that's not explicitly exempt. ...... $55 billion will be cut from projected levels of nondefense spending, which includes things like education, food inspections and air travel safety. Budget experts estimate the cuts will result in at least an 8% cut to programs, projects and activities .... Income tax rates: Rise to 15%, 28%, 31%, 36% and 39.6%, up from 10%, 15%, 25%, 28%, 33% and 35%.Here's What's Probably Going To Happen With The Fiscal Cliff
an agreement will be reached AFTER January 1st - so that the Bush tax cuts can expire and certain politicians can claim they didn't vote to raise taxes (silly, but that is politics). ...... the tax cuts for low to middle income families will be reenacted ...... tax rates on high income earners will increase a few percentage points to the Clinton era levels ..... Not only is there no 'bang' event on January 1, but letting the tax rates jump is a way for politicians to then vote to lower them, which is easierCBO warns of fiscal cliff risk
The biggest threat posed by the $7 trillion fiscal cliff is that it could throw the U.S. economy into recession next year. ..... Congress may choose to avert the cliff in whole or in part ..... The fiscal cliff as a whole, if it went into effect for all of next year, could result in a drop of 0.5% in real gross domestic product, according to the CBO. And that contraction could push unemployment to 9.1% by the end of 2013My Reason To Drive Off The Roof
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| English: Barack Obama delivers a speech at the University of Southern California (Video of the speech) (Photo credit: Wikipedia) |
the country could suffer another recession if the wrong policies take hold .... An ideological assault from the right has started to undermine the vital health reform law passed in 2010. Those forces are eroding women’s access to health care, and their right to control their lives. ...... Astonishingly, even the very right to vote is being challenged. ..... Mr. Obama has impressive achievements despite the implacable wall of refusal erected by Congressional Republicans so intent on stopping him that they risked pushing the nation into depression, held its credit rating hostage, and hobbled economic recovery. ........ Mitt Romney, the former governor of Massachusetts, has gotten this far with a guile that allows him to say whatever he thinks an audience wants to hear. But he has tied himself to the ultraconservative forces that control the Republican Party and embraced their policies, including reckless budget cuts and 30-year-old, discredited trickle-down ideas. ...... approaches the election clearly ready for the partisan battles that would follow his victory ...... he would challenge the Republicans in the “fiscal cliff” battle even if it meant calling their bluff, letting the Bush tax cuts expire and forcing them to confront the budget sequester they created ........ Obama’s many important achievements, including carrying out the economic stimulus, saving the auto industry, improving fuel efficiency standards, and making two very fine Supreme Court appointments. ...... Obama has achieved the most sweeping health care reforms since the passage of Medicare and Medicaid in 1965. The reform law takes a big step toward universal health coverage, a final piece in the social contract. ...... Starting in 2014, insurers must accept all applicants. Once fully in effect, the new law would start to control health care costs. ....... Obama prevented another Great Depression ...... Stimulus should come first, and deficit reduction as the economy strengthens. ..... At the last debate, Mr. Romney talked about funneling arms through Saudi Arabia and Qatar, which are funneling arms to jihadist groups. .... Obama, who appointed the impressive Justices Elena Kagan and Sonia Sotomayor ..... The extraordinary fact of Mr. Obama’s 2008 election did not usher in a new post-racial era. In fact, the steady undercurrent of racism in national politics is truly disturbing. ...... Romney .. says he is not opposed to contraception, but he has promised to deny federal money to Planned Parenthood, on which millions of women depend for family planning.
Image via WikipediaCreating jobs is no rocket science. The entrepreneurs in the private sector do it. But people in DC can get in the way in a major way. And they have been doing it. The single biggest reason why America does not have the jobs it needs would be the Bush tax cuts. 
