Posted on 01/02/2013 1:01:13 PM PST by bruinbirdman
The United States has not gone over the “fiscal cliff”, but it has taken another major step towards EU-style decline. The fiscal cliff deal pushed by President Obama and subsequently ratified by the Senate and House of Representatives (with 151 House Republicans and eight Senators bravely opposing it on principle) raises taxes by roughly $600 billion, without introducing any significant cuts in government spending. Incredibly, for every $1 in spending cuts there are $41 in tax increases.
While sold by the Obama administration as a deal to protect the middle class, 77 percent of Americans will now be subject to higher federal taxes, as Tim Stanley notes in his excellent piece, with the expiration of the two percent Social Security payroll tax cut. The fiscal cliff agreement will also significantly hit small businesses and investors, the wealth creators who need to kickstart the US economy, and now face a significantly higher top marginal tax rate (39.6 percent) as well as an additional penalty on capital gains, which rises to 20 percent. They will also be subject to a new Obamacare investment income tax, which adds a further 3.8 percent surcharge on capital gains.
According to the Congressional Budget Office, the fiscal cliff deal will add $3.9 trillion to the deficit over the next decade. In short, this is little more than economic suicide for a nation that is already $16 trillion in debt and faces a $48 trillion entitlement funding crisis.
The new deal marks an end to two decades of tax cuts for Americans and a new era of tax rises that will only serve to increase the size of government and entitlements. It also sends a clear signal that President Obama and his supporters in Congress are committed to taking America down the same failed
(Excerpt) Read more at blogs.telegraph.co.uk ...
It’s not exactly “European-style decline” because the EU elites engineered their crisis with a purpose, and have a plan to suddenly pull out of it. The EU also did not give up their manufacturing capability like the USA under the micromanaging/overregulating liberals did.
Dear Europe,
We know you are also in trouble, but please try to help us following CW-II, which is about as certain as a stupid statement from our very own Obamadork.
A correction to the title:
President Obama continues to drive America towards European-style decline civil war.
Or, take your pick what to call it: class war, race war, gender war, etc..
5.56mm
My own best guess involves the phrase “scorched earth” unfortunately. The man has authority but above but is listening too closely to that power from below.
The Telegraph ^ | 1/2/2013 | Nile Gardiner Posted on Wednesday, January 02, 2013 3:01:13 PM by bruinbirdman
The United States has not gone over the “fiscal cliff”, but it has taken another major step towards EU-style decline....
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President Obama continues to drive America towards European-style decline
Drive? Hell, Obama has his foot on the gas.
Terrible how the only way to get accurate news about the US is to read a foreign newspaper....
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