5-Point Guide To The Fiscal ShowdownPosted on the 16 November 2012 by Lowell
The following is the essence of an email sent to me by MoveOn.org, a civic action group, the purpose of which is to inform the confused and uninformed or FAUX News informed as to the "Fiscal Cliff."
"Republicans, led by House Speaker John Boehner, want to scare Americans into accepting yet another extension of the Bush tax cuts for the wealthiest 2% and deep cuts to Social Security, Medicare, and Medicaid. So they've created a 'fiscal cliff' boogeyman.
"Unfortunately, if you're following the media story, you may believe Republican claims that the world's about to end. But the only thing going off a cliff on December 31 is the ability of the Republicans to hold our economy hostage for the sake of the rich ...
"That's why we have to spread the truth, so that our friends and family don't fall for the Republican myth about the fiscal cliff. We've put together a 5-point guide on what this fiscal showdown is really all about."
1. The "Fiscal Cliff" is A Myth. As Paul Krugman put it, "The looming prospect of spending cuts and tax increases isn't a fiscal crisis. It is, instead, a political crisis brought on by the G.O.P.'s attempts to take the economy hostage." Republicans are manufacturing this crisis to pressure Democrats to extend the Bush tax cuts for the wealthy and accept painful cuts to Social Security, Medicare, and Medicaid.
2. The Bush Tax Cuts Finally End December 31. If Congress does nothing, the ax will fall on all the Bush tax cuts on New Year's Eve. Then, on January 1, the public pressure on John Boehner and House Republicans to extend the middle-class tax cuts (already passed by the Senate and waiting to be signed by President Obama) will become irresistible. So the middle-class tax cut will eventually get renewed, and we'll have $823 billion more revenue from the top 2% to do great things with.
3. The Sequester. The sequester is another political creation, forced on Democrats by Republicans in exchange for lifting the debt ceiling last year to avoid crashing our economy. It's a set of cuts (50% to a bloated military budget and 50% to important domestic programs) designed to make both Republicans and Democrats hate it so much that they'd never let it happen. And the cuts can be reversed weeks or months into 2013 without causing damage.
4. The Big Three. Nothing happens to Social Security, Medicare, and Medicaid benefits on January 1--unless Republicans force painful cuts to beneficiaries in exchange for tax increases on the wealthy, which are going to happen anyway if Congress does NOTHING. So, there's literally no reason benefit cuts should be part of the discussion right now.
5. We Should Be Talking About Jobs. The real crisis Americans want Congress to fix is getting people back to work. And with just a fraction of that $823 billion from the wealthiest 2%, we could create jobs for more than 20,000 veterans and pay for the 300,000 teachers and 52,000 first responders, which our communities so desperately need. That's not to mention jobs from investing in clean energy and our national infrastructure.
You Might Also Like :
These articles might interest you :
WASHINGTON, D.C.- There is no reason if you are going to jump off a cliff that at the bottom there has to be giant sharp boulders to break your neck on. Read moreThe 26 November 2012 by Citizenthymes
CNBC reports that a new study indicates that 67% of the top one percent of income earners in America support higher income taxes. Read moreThe 24 December 2012 by Nottheworstnews
CURRENT, HUMOR, SOCIETY
Santa Claus is trying his hardest to keep spirits bright among stock investors. But the President and the House are not playing nice and just might find a lump... Read moreThe 13 December 2012 by Phil's Stock World
President Obama may have flown back from his Christmas holiday in Hawaii to try and find a solution the the paralysis that is affecting negotiations to avoid a... Read moreThe 29 December 2012 by Solarisastro
BODY, MIND, SPIRIT, SPIRITUALITY
A note from the Editor-in-Chimp: This article was originally publish here on Travel Wire Asia. Go check it out there, too! The pictures over there are much... Read moreThe 23 April 2013 by Monkeyboygoes
Here’s a confession, on our blog we tend to be a bit short on white tea related information, especially in comparison with oolong and green teas. Read moreThe 03 May 2013 by Dchew78
DRINK, FOOD & DRINK
In our current global market scenario, ecommerce as the ‘new business trend’ has been appreciated and well recognized. Starting an online store is a valuable... Read moreThe 15 April 2013 by Butterchicken
BUSINESS, MARKETING & ADVERTISING, SOCIAL MEDIA
MOST POPULAR FROM DEBATE
- "Ladies and gentlemen, thank you for smoking." by Markwadsworth
- "'Raised middle finger' Tokyo trader makes £381bn shares gaffe" by Markwadsworth
- Seven Day GP Access by Markwadsworth
- Deputy headmaster lived in fairly nice house: shock by Markwadsworth
Father's Day Mali Harry Potter Thanksgiving Barack Obama European Union Turkey True Blood Rick Perry Climate Change The Papacy News Corp Apps China Egypt Russia Kony X-Factor The Box Office Christmas Mardi Gras Apple Lance Armstrong Halloween Economy Nuclear Energy Academy Awards Samsung Lady Gaga Michelle Rodriguez