Tag - Fiscal Cliff

Cave in Obama puts Social Security and Medicare in budget deal

(Washington, DC 3/22) Yesterday we found out that President Barack Obama put Medicare and Social Security in the budget deal mix; timely but not thoughtful.  Is this a profile in cowardice?  Maybe not.  Let’s give him the benefit of the doubt and assume that cutting these two programs is part of the Obama Money Party agenda.  That’s the elegant explanation and explained below. (Image: Downing Street)

Here’s what Bloomberg reported (thanks to Lauren Hallahan’s list for the tip):

“President Barack Obama told Senate Democrats that they should be open to changes in entitlement programs to achieve a long-term budget deal, according to several lawmakers who attended a meeting with him on Capitol Hill today.” Bloomberg, March 21

Social Security does not contribute to the deficit.  In fact, without the annual appropriation of Social Security funds , cash flow for the government would experience serious cash flow prolems.  Each year, Treasury takes Social Security tax revenues to fund the general budget.  Treasury leaves an IOU promising to repay beneficiaries down the road.  The promise is guaranteed by the “full faith and credit of the United States of America.”  Who would take the word of the (s)elected “crooks and liars” given all the betrayals we see on a regular basis?

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Sequestration Sorrows for Extremist Republicans

May you have incompetent, offensive enemies. 


President Obama and the congressional Democrats have the luck of the Irish, truly.  They’ve already won the Battle of the Fiscal Cliff due to the good judgment of the people.  That judgement takes facts into consideration.  The sequestration process is a blunt instrument wielded by a Frankenstein process that accounts for nothing sensible in terms of solving the main concern of the public; the seriously flawed, destructive economic cycle that is dragging us to a place nobody sensible wants to go. The PEW survey to the left shows that a majority think the economy in general (60%) and the military in particular (55%)  will suffer due to this pathetic process of histrionic policy making.

That puts the wisdom of the people in line with the judgement of over 95% of leading economists surveyed recently who say that “growth is likely to be negatively affected by the automatic federal spending cuts that are scheduled to kick in Friday.”  It makes sense.  The economy is weak, unemployment, all those out of work seeking work, is around 22%, and many citizens are one paycheck away from their own fiscal cliff.

Here are some highly revealing polls and  headlines from around the country late Wednesday, early today.

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The Deal: Various Responses

Zaid Jilani:

Because the payroll tax cut is expiring and the Make Work Pay tax cut is not coming back, most working Americans will also see a tax increase. The most galling thing is that 98 percent of Americans will actually see a larger tax increase than some of the richest Americans. Working with our friends at the Center for Economic and Policy Research, we compiled the following chart to demonstrate this:

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A Little Less Craziness, and a Little More Drift

At least we know Mitt Romney could not lie his way into the presidency.  Never in modern American political history has a more deliberately mendacious candidate appeared before the public. America dodged a bullet this time, just as it did four years ago when Sarah Palin was allowed to pursue her dream to be a TV news pundit and reality star rather than serve as Vice President of the US.  There was more to this election than just rejecting the politics of deceit and hypocrisy.  Let’s look at some of the salient lessons from Barack Obama’s reelection, which is if anything a small triumph for race relations in the US when a mediocre and disappointing African-American candidate can still get a majority of the votes.

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