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Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!

 
Anonymous Coward
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11/13/2012 09:20 AM
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Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
Up to 3.4 million jobs would be lost, the Congressional Budget Office estimates. The unemployment rate would reach 9.1 percent from the current 7.9 percent. Stocks could plunge. The nonpartisan CBO estimates the total cost of the cliff in 2013 at $671 billion.

Collectively, the tax increases would be the steepest to hit Americans in 60 years when measured as a percentage of the economy.

"There would be a huge shock effect to the U.S. economy," says Mark Vitner, an economist at Wells Fargo.

Most of the damage — roughly two-thirds — would come from the tax increases. But the spending cuts would cause pain, too.

The bleak scenario could push the White House and Congress to reach a deal before year's end. On Tuesday, Congress returns for a post-election session that could last through Dec. 31. At a minimum, analysts say some temporary compromise might be reached, allowing a final deal to be cut early next year.

[link to news.yahoo.com]
FatalW1shes

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11/13/2012 09:33 AM

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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
I want to seriously ask 1 Obama supporter/voter after they get their check in 2013 if they are now happy.


If this is what they wanted and why?


Are they truly happy now?

I know they will blame this on Bush still.

Because of what Bush did, Obama had to raise taxes on all of use to pay for what Bush spent.


Let's totally ignore the 6 trillion in debt Obama wracked up. No....he wracked up that debt saving us from Bush.


I can hardly wait. I posted a while ago that I have sold my boat and motorcycle to prepare for higher taxes.

I've refinanced my home, cut back on cable, switched my home phone from ATT to OOma and bought a smaller cheaper truck to drive.


I switched power companies and locked in a lower rate and scaled back disctretionary spending (going out to eat, movies, entertainment) and all told freed up over 600.00 a month.



I'm planning on a 3500 a year increase in 2013. That equates to 291.00 a month.

In 2014 I expect to lose another 4% of my pay to Obamacare taxes and other taxes....by 2015 many people will be suffering from an increase 150%-300% in electricty costs.
People in Ohio will/must come up with 1000.00 a month. Around 500 a month in new taxes and 500 a month in electricity.

Virgina, PA, and surrounding states will need 250 extra a month for electric rates.


I'm not too sure how much it will effect me in Texas since I switched to a green company.

I'm prepared for the coming Taxmeggedon but I know 90% of the people out there are not.

I wish them all luck.

Last Edited by FatalW1shes on 11/13/2012 09:36 AM
No Dhimmi
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11/13/2012 09:39 AM

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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
The President has said that the recent election has shown that the majority of American’s want the rich to pay more in taxes. What is the President insisting on? Is he pushing for something that would make a difference? I don’t think so. More importantly, the Congressional Budget Office does not agree with the President’s position.

The CBO put out a report on this topic last week. It spelled out the consequences of an increase in the tax rate for those making over $250,000 (versus reversing all of the Bush tax cuts). It does not add up to much.

The tax that Obama wants to increase will result in a lousy $42Bn in 2013 and $38Bn in 2014 according to the CBO. That’s peanuts to a government that spends $3.6T a year. The tax increase that Obama is insisting on comes to three days of spending.

Raising high end taxes will reduce GDP growth by .1% and will result in 200,000 less workers finding jobs. It will do these bad things by the 4th Q of 2013.

The .1% drop in GDP translates to $16Bn less growth in 2013. On average, the government takes in about 20% of GDP, so the drop in GDP relating to the tax increase will translate into a shortfall in revenue of $3.2Bn.

The tax increase mandated by the President will translate into 200,000 less jobs for 2013. If the people who did not find work as a result were forced to stay on unemployment it would cost the government $4.6Bn.

So Obama’s “must have” tax increase will generate $42Bn in revenue, but it will cost ~$8Bn. The Obama's plan is to decrease the deficit by about $34Bn in 2012, and by less than that in future years. These numbers are beyond chump change. It comes to 0.9% of total spending and just 3.0% of the deficit. It does not move the needle at all.


[link to www.zerohedge.com]

Last Edited by No Dhimmi on 11/13/2012 09:41 AM
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If Muslims & their apologists really want to cure "Islamophobia," here is an easy way. Focus their indignation on Muslims committing violent acts in the name of Islam, not on non-Muslims reporting on those acts.
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We are all born ignorant, but it takes a lot of work to keep looking the other way to remain stupid.

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Anonymous Coward
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11/13/2012 09:40 AM
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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
3.4 MILLION jobs are going to be lost and the unemployment rate is only going to be 9.1%????What in the fuck is wrong with these lying cocksuckers!!!!!!!Makes you want to rip their fucking heads off!!!!!!
Anonymous Coward
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11/13/2012 09:44 AM
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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
Up to 3.4 million jobs would be lost, the Congressional Budget Office estimates. The unemployment rate would reach 9.1 percent from the current 7.9 percent. Stocks could plunge. The nonpartisan CBO estimates the total cost of the cliff in 2013 at $671 billion.

Collectively, the tax increases would be the steepest to hit Americans in 60 years when measured as a percentage of the economy.

"There would be a huge shock effect to the U.S. economy," says Mark Vitner, an economist at Wells Fargo.

Most of the damage — roughly two-thirds — would come from the tax increases. But the spending cuts would cause pain, too.

The bleak scenario could push the White House and Congress to reach a deal before year's end. On Tuesday, Congress returns for a post-election session that could last through Dec. 31. At a minimum, analysts say some temporary compromise might be reached, allowing a final deal to be cut early next year.

[link to news.yahoo.com]
 Quoting: Goneviral


This is total bull. The fiscal cliff is the 17 trillion debt with a 595 million dollar a day interest.
The tax hike and layoffs are much needed.
Sure the rich middle class will have to spend less on luxury items, so what. The lay offs will have to find another job off the taxpayer payroll, so what.
Anonymous Coward
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11/13/2012 09:45 AM
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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
Bring it. Repubs should vote 'present' and let the dems own this
TraderRob

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11/13/2012 09:49 AM

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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
Bring it. Repubs should vote 'present' and let the dems own this
 Quoting: Anonymous Coward 13158115


Unfortunately, we ALL OWN THIS... and we are in big trouble.

We all pound on Obama, Bush before that... about deficits and out-of-control spending. This report shows that there is no option. Our economic system is so out of whack, that we cannot reduce spending, or increase taxes -- without having a major negative impact to our economy.

In short.. we are fckd.
Anonymous Coward
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11/13/2012 10:08 AM
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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
dynamite
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11/13/2012 10:13 AM
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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
I wish they would allow the US to fall off that fiscal cliff.

It isn't as bad as you've been led to believe.

It will bring automatic MASSIVE cuts to military and government spending, while leaving entitlements alone.

If we go off that cliff it will hurt them a lot more than it will hurt the people.

Postponing it while coming up with more ways to destroy the people and this country is a good idea?
Anonymous Coward
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11/13/2012 10:13 AM
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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
I want to seriously ask 1 Obama supporter/voter after they get their check in 2013 if they are now happy.


If this is what they wanted and why?


Are they truly happy now?

I know they will blame this on Bush still.

Because of what Bush did, Obama had to raise taxes on all of use to pay for what Bush spent.


Let's totally ignore the 6 trillion in debt Obama wracked up. No....he wracked up that debt saving us from Bush.


I can hardly wait. I posted a while ago that I have sold my boat and motorcycle to prepare for higher taxes.

I've refinanced my home, cut back on cable, switched my home phone from ATT to OOma and bought a smaller cheaper truck to drive.


I switched power companies and locked in a lower rate and scaled back disctretionary spending (going out to eat, movies, entertainment) and all told freed up over 600.00 a month.



I'm planning on a 3500 a year increase in 2013. That equates to 291.00 a month.

In 2014 I expect to lose another 4% of my pay to Obamacare taxes and other taxes....by 2015 many people will be suffering from an increase 150%-300% in electricty costs.
People in Ohio will/must come up with 1000.00 a month. Around 500 a month in new taxes and 500 a month in electricity.

Virgina, PA, and surrounding states will need 250 extra a month for electric rates.


I'm not too sure how much it will effect me in Texas since I switched to a green company.

I'm prepared for the coming Taxmeggedon but I know 90% of the people out there are not.

I wish them all luck.
 Quoting: FatalW1shes


Hats off to you... ohyeah

verysad for most....

thumbs thumbs for your post and posts which are always appreciated by me!!

All my best to you and yours....

grouphug
BlackDahlia

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11/13/2012 10:16 AM

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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
Aww! the fiscal cliff why the F*ck are we just hearing about this sh!t now?!! It would have been a nice conversation to have had during the election. Instead the media was overly focused on Mr. Romney's wallet and big bird to discuss any pertinent issues like say a complete f*cking economic meltdown. Welp...this was an enlightening article to say the least. WTF!! is going on people??!!! What are the odds that our extremely partisan government will actually come to the table on this one?
Lady Jane SmithModerator
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11/13/2012 10:20 AM

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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
Up to 3.4 million jobs would be lost, the Congressional Budget Office estimates. The unemployment rate would reach 9.1 percent from the current 7.9 percent. Stocks could plunge. The nonpartisan CBO estimates the total cost of the cliff in 2013 at $671 billion.

Collectively, the tax increases would be the steepest to hit Americans in 60 years when measured as a percentage of the economy.

"There would be a huge shock effect to the U.S. economy," says Mark Vitner, an economist at Wells Fargo.

Most of the damage — roughly two-thirds — would come from the tax increases. But the spending cuts would cause pain, too.

The bleak scenario could push the White House and Congress to reach a deal before year's end. On Tuesday, Congress returns for a post-election session that could last through Dec. 31. At a minimum, analysts say some temporary compromise might be reached, allowing a final deal to be cut early next year.

[link to news.yahoo.com]
 Quoting: Goneviral


This is total bull. The fiscal cliff is the 17 trillion debt with a 595 million dollar a day interest.
The tax hike and layoffs are much needed.
Sure the rich middle class will have to spend less on luxury items, so what. The lay offs will have to find another job off the taxpayer payroll, so what.
 Quoting: Anonymous Coward 1040255


So the middle class is rich now??
Life is karma and karma always reflects both past and present circumstance. Our time here is short, so choose carefully and behave well, for all of your tomorrows are presently being decided.

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Saddletramp
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11/13/2012 10:21 AM

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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
Obama is going to make damn sure we go off of the fiscal cliff too, I've never been more sure than I am right now that this has all been planned...
"And how can a man die better than facing fearful odds, for the ashes of his fathers, and the temples of his Gods..." ~ Horatius

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11/13/2012 10:23 AM

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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
I wish they would allow the US to fall off that fiscal cliff.

It isn't as bad as you've been led to believe.

It will bring automatic MASSIVE cuts to military and government spending, while leaving entitlements alone.

If we go off that cliff it will hurt them a lot more than it will hurt the people.

Postponing it while coming up with more ways to destroy the people and this country is a good idea?
 Quoting: Anonymous Coward 18110742


WTF???

The entitlement crowd needs to suck it up along with everybody else.

Why should they sick back, fat & dumb, while everybody else has to suffer?
Life is karma and karma always reflects both past and present circumstance. Our time here is short, so choose carefully and behave well, for all of your tomorrows are presently being decided.

"Don't die on a small cross..." Saddletramp's Mom

"A fool thinks himself to be wise, but a wise man knows himself to be a fool."
-- William Shakespeare, born April 23, 1564.

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11/13/2012 10:27 AM
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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
Aww! the fiscal cliff why the F*ck are we just hearing about this sh!t now?!! It would have been a nice conversation to have had during the election. Instead the media was overly focused on Mr. Romney's wallet and big bird to discuss any pertinent issues like say a complete f*cking economic meltdown. Welp...this was an enlightening article to say the least. WTF!! is going on people??!!! What are the odds that our extremely partisan government will actually come to the table on this one?
 Quoting: BlackDahlia


clappa

I can count on one hand the times I heard the fiscal cliff mentioned by anyone during the election. Now that the election is over it's all of a sudden a looming crisis. The yahoos in Congress will not be able to fix anything. The time for a change of course is long past.
I don't know where you get your delusions, laser brain.
Anonymous Coward
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11/13/2012 10:28 AM
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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
Obama is going to make damn sure we go off of the fiscal cliff too, I've never been more sure than I am right now that this has all been planned...
 Quoting: Saddletramp


Obama doesn't want it, on the contrary, it would cut spending massively... There are many automatic cuts and revenue adjustments if we go off of that cliff.

It would hurt them far more than it would hurt the people.

Neither the republicans or democrats want this to happen. That should tell you a lot. They will use it until the past minute as a political ploy and to blame each side for it.. In the end they always pass a temporary fix. :P

Can you explain why going off that cliff is really a bad thing?
Anonymous Coward
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11/13/2012 10:34 AM
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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
Up to 3.4 million jobs would be lost, the Congressional Budget Office estimates. The unemployment rate would reach 9.1 percent from the current 7.9 percent. Stocks could plunge. The nonpartisan CBO estimates the total cost of the cliff in 2013 at $671 billion.

Collectively, the tax increases would be the steepest to hit Americans in 60 years when measured as a percentage of the economy.

"There would be a huge shock effect to the U.S. economy," says Mark Vitner, an economist at Wells Fargo.

Most of the damage — roughly two-thirds — would come from the tax increases. But the spending cuts would cause pain, too.

The bleak scenario could push the White House and Congress to reach a deal before year's end. On Tuesday, Congress returns for a post-election session that could last through Dec. 31. At a minimum, analysts say some temporary compromise might be reached, allowing a final deal to be cut early next year.

[link to news.yahoo.com]
 Quoting: Goneviral


This is total bull. The fiscal cliff is the 17 trillion debt with a 595 million dollar a day interest.
The tax hike and layoffs are much needed.
Sure the rich middle class will have to spend less on luxury items, so what. The lay offs will have to find another job off the taxpayer payroll, so what.
 Quoting: Anonymous Coward 1040255


You are right to a degree. The government at all levels is way too heavy. Tax payers could do with a lot less government employees and the US as a whole could do with a lot fewer government agencies.

Americans have also enjoyed some of the lowest taxes globally for many decades and in part, this has contributed to the problem as the politicians just keep going further into debt by borrowing so they do not have to raise taxes and piss people off. Americans have been having the cake and eating it too so to speak, for a long time and politicians did what they had to in order to keep people happy and ensure their re-election.

Then you factor in the incredible burden of funding the US military in all its facets and variations.

At some point you have to pay the piper. The US war machine does not appear to be in any danger, even though the US could probably do with about a 100 less bases overseas, etc.

As is being seen elsewhere, there is no way out of this financial nightmare without pain of some sort. The politicians however do not want it to happen on their watch and keep trying to shuffle it into the future so it will be someone else's problem.
IssueX

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11/13/2012 10:35 AM
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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
Up to 3.4 million jobs would be lost, the Congressional Budget Office estimates. The unemployment rate would reach 9.1 percent from the current 7.9 percent. Stocks could plunge. The nonpartisan CBO estimates the total cost of the cliff in 2013 at $671 billion.

Collectively, the tax increases would be the steepest to hit Americans in 60 years when measured as a percentage of the economy.

"There would be a huge shock effect to the U.S. economy," says Mark Vitner, an economist at Wells Fargo.

Most of the damage — roughly two-thirds — would come from the tax increases. But the spending cuts would cause pain, too.

The bleak scenario could push the White House and Congress to reach a deal before year's end. On Tuesday, Congress returns for a post-election session that could last through Dec. 31. At a minimum, analysts say some temporary compromise might be reached, allowing a final deal to be cut early next year.

[link to news.yahoo.com]
 Quoting: Goneviral


This is total bull. The fiscal cliff is the 17 trillion debt with a 595 million dollar a day interest.
The tax hike and layoffs are much needed.
Sure the rich middle class will have to spend less on luxury items, so what. The lay offs will have to find another job off the taxpayer payroll, so what.
 Quoting: Anonymous Coward 1040255


So the middle class is rich now??
 Quoting: Lady Jane Smith


Reminds me of that old book "Animal Farm"

If you aren't destitute, or making $7/hr, you are rich and deserve to be brought down to the same level

We have got from a country where people aspired to do better, to one where people have no hope for themselves and all they aspire is to bring down anyone they see doing a little better

They can't touch the true rich, those with hundreds of millions of millions or billions

When you read the history of the Soviet Union, the envy was focused on richer farmers in the Ukraine or doctors, who for some reason are always the target for socialists and marxists for special punishment

The politics of envy...groovy, I guess this is progress
Anonymous Coward
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11/13/2012 10:39 AM
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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
jihad FOUR MORE YEARS! jihad2 jihad FOUR MORE YEARS! jihad2 jihad FOUR MORE YEARS! jihad2 jihad FOUR MORE YEARS! jihad2
IssueX

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11/13/2012 10:40 AM
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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
I wish they would allow the US to fall off that fiscal cliff.

It isn't as bad as you've been led to believe.

It will bring automatic MASSIVE cuts to military and government spending, while leaving entitlements alone.

If we go off that cliff it will hurt them a lot more than it will hurt the people.

Postponing it while coming up with more ways to destroy the people and this country is a good idea?
 Quoting: Anonymous Coward 18110742


WTF???

The entitlement crowd needs to suck it up along with everybody else.

Why should they sick back, fat & dumb, while everybody else has to suffer?
 Quoting: Lady Jane Smith


leaving entitlements alone?

LMFAO!!!

okay sparky, if you really think that, let's sit down again in 6 months and go over the map, k?

just as long as it doesn't mess with your little corner of the world, you're ok with this? Do you realize that your "MASSIVE cuts to military and government spending" are PEOPLE

People who work for the government, people who work for the military, people who work for government and military suppliers and the entire chain all he way back to your home state

Government employment has been one of the ONLY bright spots in national employment figures outside of Texas (which has created over 50% of private sector jobs)

Those people will stop spending and start trying to join you on the entitlement wagon...all while they stop paying taxes to help support the system

and what happens then?

You think entitlements are safe?

You must have no clue of how these get funded, how deep in the red most entitlement programs already are, and what little it would take knock down the house of cards
Anonymous Coward
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11/13/2012 10:41 AM
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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
this dumb ass so called president says he wants to tax "the rich" and that means my taxes go up on on a 64 year old widow that's working two jobs? WHAT THE HELL? I'M ONE OF THE RICH? He's totally nazis and people believe the "tax the rich bullcrap" that he spews! I hope you dumb asses that "voted" him in lose your dumb "social" security...by social I have to pay. What bullcrap!!
Anonymous Coward
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11/13/2012 10:48 AM
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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
I wish they would allow the US to fall off that fiscal cliff.

It isn't as bad as you've been led to believe.

It will bring automatic MASSIVE cuts to military and government spending, while leaving entitlements alone.

If we go off that cliff it will hurt them a lot more than it will hurt the people.

Postponing it while coming up with more ways to destroy the people and this country is a good idea?
 Quoting: Anonymous Coward 18110742


WTF???

The entitlement crowd needs to suck it up along with everybody else.

Why should they sick back, fat & dumb, while everybody else has to suffer?
 Quoting: Lady Jane Smith


leaving entitlements alone?

LMFAO!!!

okay sparky, if you really think that, let's sit down again in 6 months and go over the map, k?

just as long as it doesn't mess with your little corner of the world, you're ok with this? Do you realize that your "MASSIVE cuts to military and government spending" are PEOPLE

People who work for the government, people who work for the military, people who work for government and military suppliers and the entire chain all he way back to your home state

Government employment has been one of the ONLY bright spots in national employment figures outside of Texas (which has created over 50% of private sector jobs)

Those people will stop spending and start trying to join you on the entitlement wagon...all while they stop paying taxes to help support the system

and what happens then?

You think entitlements are safe?

You must have no clue of how these get funded, how deep in the red most entitlement programs already are, and what little it would take knock down the house of cards
 Quoting: IssueX


I can answer all of that simply...

A smaller government, cut to a minimum is beneficial to the people period.

In what world where so many people are employed by the government can a people prosper?

Government isn't the solution, it is the problem.

Either way is painful, but cutting government spending massively and restoring fiscal responsibility will have the most benefit (long term) for all of us.
Anonymous Coward
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11/13/2012 10:53 AM
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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
Up to 3.4 million jobs would be lost, the Congressional Budget Office estimates. The unemployment rate would reach 9.1 percent from the current 7.9 percent. Stocks could plunge. The nonpartisan CBO estimates the total cost of the cliff in 2013 at $671 billion.

Collectively, the tax increases would be the steepest to hit Americans in 60 years when measured as a percentage of the economy.

"There would be a huge shock effect to the U.S. economy," says Mark Vitner, an economist at Wells Fargo.

Most of the damage — roughly two-thirds — would come from the tax increases. But the spending cuts would cause pain, too.

The bleak scenario could push the White House and Congress to reach a deal before year's end. On Tuesday, Congress returns for a post-election session that could last through Dec. 31. At a minimum, analysts say some temporary compromise might be reached, allowing a final deal to be cut early next year.

[link to news.yahoo.com]
 Quoting: Goneviral


Just more ridiculous fear mongering to soften your dumb asses up for the coming massive tax hikes to save the Bankers that caused this.

silly little sheeples
General Troll, US Shillitary

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11/13/2012 11:38 AM
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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
Bring it. Repubs should vote 'present' and let the dems own this
 Quoting: Anonymous Coward 13158115


Unfortunately, we ALL OWN THIS... and we are in big trouble.

We all pound on Obama, Bush before that... about deficits and out-of-control spending. This report shows that there is no option. Our economic system is so out of whack, that we cannot reduce spending, or increase taxes -- without having a major negative impact to our economy.

In short.. we are fckd.
 Quoting: TraderRob


indeed
"What you have just said, is the most insanely idiotic thing I have ever heard. At no point, in your rambling incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points and may God have mercy on your soul."
littlemiracles

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11/13/2012 11:41 AM
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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
I want to seriously ask 1 Obama supporter/voter after they get their check in 2013 if they are now happy.


If this is what they wanted and why?


Are they truly happy now?

I know they will blame this on Bush still.

Because of what Bush did, Obama had to raise taxes on all of use to pay for what Bush spent.


Let's totally ignore the 6 trillion in debt Obama wracked up. No....he wracked up that debt saving us from Bush.


I can hardly wait. I posted a while ago that I have sold my boat and motorcycle to prepare for higher taxes.

I've refinanced my home, cut back on cable, switched my home phone from ATT to OOma and bought a smaller cheaper truck to drive.


I switched power companies and locked in a lower rate and scaled back disctretionary spending (going out to eat, movies, entertainment) and all told freed up over 600.00 a month.



I'm planning on a 3500 a year increase in 2013. That equates to 291.00 a month.

In 2014 I expect to lose another 4% of my pay to Obamacare taxes and other taxes....by 2015 many people will be suffering from an increase 150%-300% in electricty costs.
People in Ohio will/must come up with 1000.00 a month. Around 500 a month in new taxes and 500 a month in electricity.

Virgina, PA, and surrounding states will need 250 extra a month for electric rates.


I'm not too sure how much it will effect me in Texas since I switched to a green company.

I'm prepared for the coming Taxmeggedon but I know 90% of the people out there are not.

I wish them all luck.
 Quoting: FatalW1shes


Good job! We are working on our own "austerity" program too....and it SUCKS! We shouldn't have to....grrrrrrrrrr
Anonymous Coward
User ID: 1559967
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11/13/2012 11:42 AM
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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
[link to taxfoundation.org] this link is for all the "rich" who complain there taxes are to high at this moment. When in all reality they are at a historical low. Read for yourself the nominal and adjusted for inflation rates.
No Dhimmi
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User ID: 109891
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11/13/2012 11:44 AM

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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
6,125 Proposed Regulations and Notifications Posted in Last 90 Days--Average 68 per Day

What the hell is this government doing this for during an ecnomic downturn with the "cliff" on the horizon? IDIOTS!

[link to www.npr.org]
Background of my avatar: [link to en.wikipedia.org]

The religion of submission cannot survive an open and honest discussion of its convoluted and foolish scriptures, its sexually perverted terrorist prophet, or its deceitful and demented god. When Western leaders become unified and resolute in their hostility to Islam's violent and ungodly beginnings, Muslims will flee the religion because they will be horrified by its endorsement of terrorism, mass murder, slave trading, plunder, kidnapping, and rape.

If Muslims & their apologists really want to cure "Islamophobia," here is an easy way. Focus their indignation on Muslims committing violent acts in the name of Islam, not on non-Muslims reporting on those acts.
[link to www.cspipublishing.com]
[link to www.faithfreedom.org]
[link to thereligionofpeace.com]
[link to www.bibleprobe.com]
[link to www.fatherzakaria.net]

Ecclesiastes 10:2 “The heart of the wise inclines to the right, but the heart of the fool to the left.”

We are all born ignorant, but it takes a lot of work to keep looking the other way to remain stupid.

Islam is not a race - the racism rant is lame, used by the intellectually lazy to derail the debate.
BRIEF
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11/13/2012 11:46 AM

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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
fantasyisland
With freedom comes responsibility.

Heterosexual pride!

Briefcut4892
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11/13/2012 11:46 AM
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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
If you read that charting of the tax rates you will see that up until the 80s taxes were always high. Also you will remember that up until the 80s ceos were not taking home multimillion dollar salaries. What would be the point? To just give it back to uncle sam. No so instead pay your employees better and invest in your company. Now its greed to the top. Trickle down economics my ass. It worked in the late 80s because it was reduced so quickly it was money for everyone but after realization that the tax cuts were here to stay, the money stayed in the richs pockets. The 90s and since have produced major greed and riches...
Anonymous Coward
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11/13/2012 11:49 AM
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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
The "middle class" tax rates have been historically static based on a percentage rate. Only the "rich" have had there taxes reduced greatly. Where has that gotten the middle class? Reduced more and more while the rich widdle away more and more money to feed the greed for the most possessions.
nzreva

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11/13/2012 11:52 AM
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Re: Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
Up to 3.4 million jobs would be lost, the Congressional Budget Office estimates. The unemployment rate would reach 9.1 percent from the current 7.9 percent. Stocks could plunge. The nonpartisan CBO estimates the total cost of the cliff in 2013 at $671 billion.

Collectively, the tax increases would be the steepest to hit Americans in 60 years when measured as a percentage of the economy.

"There would be a huge shock effect to the U.S. economy," says Mark Vitner, an economist at Wells Fargo.

Most of the damage — roughly two-thirds — would come from the tax increases. But the spending cuts would cause pain, too.

The bleak scenario could push the White House and Congress to reach a deal before year's end. On Tuesday, Congress returns for a post-election session that could last through Dec. 31. At a minimum, analysts say some temporary compromise might be reached, allowing a final deal to be cut early next year.

[link to news.yahoo.com]
 Quoting: Goneviral


This is total bull. The fiscal cliff is the 17 trillion debt with a 595 million dollar a day interest.
The tax hike and layoffs are much needed.
Sure the rich middle class will have to spend less on luxury items, so what. The lay offs will have to find another job off the taxpayer payroll, so what.
 Quoting: Anonymous Coward 1040255


The what is, I am not, nor are other well to do people going to work very hard next year or in the future. I an my husband will enjoy what we have made in the past and not go with the new idea's of others who plan on spending our profit for themselves. I'm not mad the people have spoken, the money won't be there and we will go the way Russia went until those who want to live off others run out of money and find out the system won't be there for them.