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Fiscal Thursday – To Cliff Or Not to Cliff – That is the Question

Posted on the 20 December 2012 by Phil's Stock World @philstockworld

We were moving along nicely when John Boehner decided to throw a temper-tantrum if he didn't get his way and his way is now know as "Plan B", which of course, sounds like the kind of thing a 10 year-old would come up with because that's the level we're now dealing with as the GOP is forced to show America their true colors as they throw the middle class and the poor under the bus to protect their wealthy benefactors – apparently at all costs.  

Plan B has no spending cuts – that was all BS – the GOP doesn't really care about spending.  They are, after all, the ones who spent us into this deficit in the first place.  Plan B simply raises tax cuts to include people who make $1M – that's PER YEAR, not Millionaires who accumulate $1M over the course of their working lives but people who make $1,000,000 in 12 months – about $20,000 PER WEEK.

Fiscal Thursday – To Cliff or not to Cliff – That is the Question
That's who the Republicans are holding the rest of the country hostage for.  Look at the chart on the right and see who Boehner wants to pay for those tax cuts for people who make $20,000 PER WEEK – it comes from cutting $650 BILLION Dollars from Social Security & Medicare as well as cutting the $425Bn President Obama would like to use to stimulate our still-struggling economy, in order to help those many millions of people who don't earn $20,000 PER WEEK enjoy a few luxuries like heat and food.  

Boehner would be a great cartoon villain if he wasn't so chillingly real.  The entire GOP could teach the Star Wars Empire a thing or two about subjugating the masses but this time they have really gone too far.  Today's idiotic vote for the GOPs "Plan B" is a colossal waste of time when we are, in fact, only minutes away from a deadline that has the potential to trash the entire US economy.  

SPY 5 MINUTE
The markets didn't like Boehner's end run one bit yesterday and we went straight to Hell following his announcement in the afternoon (see Dave Fry's chart).  That's right, the GOP doesn't give a crap about investors either – fortunately we were already wary yesterday morning because we've seen them trash the economy before (on the first rejected TARP vote) and we followed through with our


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