Tick-tock...the clock ticks down on the 'supposed' fiscal cliff
By: Diane Sori
The sun will still rise and our economy will go on albeit with Obama's $560 BILLION tax increases and government spending cuts in place. And even though he knows this will cause the unemployment rate to rise to 9.1% by year's end, which in turn will slow down the already weakened US economy by causing a drop of 0.5% in the real gross domestic product, he doesn't care even though these are numbers even he won't be able to hide.
Oh wait, he will...the msm will help him do it.
And add into that the fact that the expiration of the payroll tax cuts will happen, the expiration of Bush's tax cuts for the highest-income households will happen, and the start of the new Medicare surtax on high income earners will also go into effect...but all that matters to Obama is that he got his way.
So how will all this affect us...breaking the tax increases down into simple numbers means that Americans in the lowest 20% of the income scale would pay an average of about $400 more in taxes per year....middle-income households would pay about $2,000 more in taxes per year...the top 20% of taxpayers would pay about $14,000 more a year in taxes per year...and the Obama hated 1%ers would pay an average of $120,000 more in taxes per year, which would make it financially hard for them to create new businesses and jobs which would have helped put Americans back to work.
But that's what Obama wants so more will have to become dependent on the government for their survival...and more will see him as the one who saved them from ruin.
And while Obama and the talking news heads keep bloviating about this supposed cliff to total disaster, remember this entire concept of a fiscal cliff was simply the creation of Obama and Congress, who couldn't agree on a yearly budget that would have helped us reduce the deficit. So, to resolve the impasse back in August 2011, Congress decided to push the big decisions off by 17 months but now the decisions are due.
So with the January 1st deadline closing in, going over the 'supposed' cliff will fall squarely on Obama and Congress, because they couldn't get the job they were elected to do done on time. And that will cause the Obama and Congress made up fiscal cliff to haunt us all next year or until some agreement between both parties is made hopefully sooner rather than later.
But truth be told is that Obama and Congress are both playing the scare game with the masses. Anyone with any semblance of intelligence knows there's a stop gap measure in place allowing for a few extra weeks of haggling giving Obama time to make a deal and appear as the hero who stopped what would have been the highest tax increase in US history along with some of the deepest spending cuts to our defense and military budget (to the tune of half a TRILLION dollars over ten years).
And as long as Obama and those in Congress seem to be working towards a deal, the tax hikes and spending cuts will be held off for a few weeks and could be repealed retroactively once a deal is reached, making Obama the hero...our lord and savior (gagging on that one) exulted by the msm yet again.
However, there are two things that even Obama can't wiggle out of...the first is that we will once again reach our borrowing limit on December 31st, leading him to go full-force ahead in trying to get the debt ceiling raised no later than February, so that he can continue his out of control spending at 'We the People's' expense.
And the second is that the US credit rating will be downgraded yet again if the debt ceiling isn't raised, upsetting the worldwide stock markets and banking industries.
So, will a twelfth hour deal suddenly be made to save Obama's reputation as our savior...by tonight or tomorrow we should know but hopefully it will all blow up in his face...he built it, let him own it.