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So What The Heck Is That 'Fiscal Cliff' Thing All About, Anyway?

 
Jason
User ID: 22912311
United States
11/15/2012 11:18 PM
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So What The Heck Is That 'Fiscal Cliff' Thing All About, Anyway?
[link to front.moveon.org]


5-Point Guide To The Fiscal Showdown

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 attempt to take the economy hostage.”1 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.2 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.3 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.4

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.5 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.6 And the cuts can be reversed weeks or months into 2013 without causing damage.7

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.8 So, there’s literally no reason benefits 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.9 That’s not to mention jobs from investing in clean energy and our national infrastructure.

Sources

1. “Hawks and Hypocrites,” The New York Times, November 11, 2012
[link to www.moveon.org]

2. “Bush-Era Tax Cuts,” The New York Times, November 9, 2012
[link to www.moveon.org]

3. “Boehner Is Bluffing,” Slate, November 9, 2012
[link to www.moveon.org]

4. “CBO: Ending High-Income Tax Cuts Would Save Almost $1 Trillion,” Center on Budget and Policy Priorities, August 24, 2012
[link to www.moveon.org]

5. “The sequester, explained,” The Washington Post, September 14, 2012
[link to www.moveon.org]

6. Ibid.

7. “Let’s Not Make a Deal,” The New York Times, November 8, 2012
[link to www.moveon.org]

8. “How the Across-the-Board Cuts in the Budget Control Act Will Work,” Center on Budget and Policy Priorities,” April 27, 2012
[link to www.moveon.org]

9. “Veterans’ Jobs Bill Blocked in the Senate,” The New York Times, September 19, 2012
[link to www.moveon.org]

“Jan Schakowsky Announces new Budget Plan With Focus On Jobs,” The Huffington Post, August 10, 2011
[link to www.moveon.org]

“Fact Sheet: The American Jobs Act,” The White House, September 8, 2011
[link to www.moveon.org]
Anonymous Coward (OP)
User ID: 22912311
United States
11/16/2012 12:13 AM
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Re: So What The Heck Is That 'Fiscal Cliff' Thing All About, Anyway?
The Bush tax cuts played a major role in fucking up the economy. Let's make them expire.

dubya
CUJO
User ID: 1563239
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11/16/2012 12:43 AM
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Re: So What The Heck Is That 'Fiscal Cliff' Thing All About, Anyway?
it's like Pro Wrestling - They will go through the motions of seeming like there is conflict and a crisis and both sides will posture and disagree but in the end they will compromise because the cliff means the end of their own paychecks and that they will never vote against.
Anonymous Coward
User ID: 21864521
Australia
11/16/2012 12:47 AM
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Re: So What The Heck Is That 'Fiscal Cliff' Thing All About, Anyway?
He is what I received in an email....

[link to nymag.com]
Anonymous Coward
User ID: 19756777
United States
11/16/2012 01:50 AM
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Re: So What The Heck Is That 'Fiscal Cliff' Thing All About, Anyway?
Manufactured Crisis Dog and Pony Show
Anonymous Coward
User ID: 24289757
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11/16/2012 01:53 AM
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Re: So What The Heck Is That 'Fiscal Cliff' Thing All About, Anyway?
you do not get it ... do you.

We are a GREECE in the MAKING...

You can NOT deny there is a 16 TRILLION DEBT out there...

That means you and me now owe about $250,000.00 each.

WAKE UP.

With NO JOBS... we will have more and more on WELFARE by the Govt... but with NO JOBS... no one will pay into the IRS TAXES...

Raising Taxes...
Congress's Joint Tax Committee estimates that raising taxes on income over $250,000 ($200,000 if you're single) will raise $823 billion over 10 years on a static revenue basis.

That's only $82 billion a year in extra revenue when the federal deficit in fiscal 2012 was $1.1 trillion. So... This tax increase would only cut the deficit by about 7.5%.

You are part of the problem.
John
User ID: 23302743
United States
11/16/2012 03:29 PM
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Re: So What The Heck Is That 'Fiscal Cliff' Thing All About, Anyway?
you do not get it ... do you.

We are a GREECE in the MAKING...

You can NOT deny there is a 16 TRILLION DEBT out there...

That means you and me now owe about $250,000.00 each.

WAKE UP.

With NO JOBS... we will have more and more on WELFARE by the Govt... but with NO JOBS... no one will pay into the IRS TAXES...

Raising Taxes...
Congress's Joint Tax Committee estimates that raising taxes on income over $250,000 ($200,000 if you're single) will raise $823 billion over 10 years on a static revenue basis.

That's only $82 billion a year in extra revenue when the federal deficit in fiscal 2012 was $1.1 trillion. So... This tax increase would only cut the deficit by about 7.5%.

You are part of the problem.
 Quoting: Humble721


You don't understand that this is only part of the solution. We have to implement several changes to our current system to fix it. You have no understanding of the fact that the reason why many of the businesses fail is because the regular people, the 99%, do not have money to spend on the products produced by these businesses because the stingy and greedy rich people have sucked dry the blood of the average citizen. When a business has no customers, it is incapable of making money. It doesn't take a rocket engineer to understand this, but people like you have been so deeply mislead by the propaganda spewed forth at you, that people like you just don't want to understand this.

The wealthy have fought a class war against everyone else, with the effect they have fucked themselves in the ass, due to their inability to develop a humanitarian and greathearted will of giving.
Anonymous Coward (OP)
User ID: 22912311
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11/17/2012 08:43 PM
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Re: So What The Heck Is That 'Fiscal Cliff' Thing All About, Anyway?
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