Wall Street manipulates deficit angst with fiscal cliff fear

GuardianNews.com ^ | Monday 3 December 2012 13.49 EST | Dean Baker

[ExxonPatrolUs]

If no deal is reached this year, then on 1 January, daily tax withholdings will rise by an average of about $4 per person. Any money actually deducted from pay checks will be refunded if a deal is subsequently reached that returns tax rates to 2012 levels. Government spending probably won't change at the start of the new year, since President Obama has considerable discretion over the flow of spending. No one can think that this modest increase in tax withholdings would plunge the economy into a recession, but the Wall Street types seeking to dismantle social security and Medicare have used their enormous wealth and allies in the media to generate this kind of fear-mongering across the country.

[SECURE AMERICA]

Wall Street manipulates deficit angst with fiscal cliff fear

Really? I thought that was what Obama was doing!