The Fiscal Cliff
There is a lot of talk about avoiding the fiscal cliff with last minute legislation by our federal government at the end of 2012. That legislation is a joke. It does nothing to address the real fiscal cliff that is approaching. It did not reduce spending, the deficit, or our debt. Debt is the real approaching fiscal cliff.
We are approaching our debt limit again. This means we must increase it again or default on some of our debts. Either way, our credit rating will probably be lowered again. It has already been lowered twice, first in April 2012 and again in September 2012. With our lower credit rating, interest on our debt may go up, accelerating the problem. President Obama even suggested Congress should allow him to increase the debt ceiling as he saw fit. What idiot would allow that? But, in hindsight, we have done dumber things.
All our legislators did was kick the can down to road and make the potential problem worse. They did manage to put in earmarks for their favorite pork spending projects. This is just thumbing their nose at the American people, and we are paying them for this kind of incompetence. It would be tough to keep your job with this kind of incompetence in the private sector.
Politicians continue to grow the size of our federal government, government spending, and government debt. This action is irresponsible, or maybe they are intentionally increasing the power of the political elite at the expense of the country and future generations.
One thing that happened with the legislation was raising the taxes on the very rich. Who is dumb enough to think that is going to happen? The very rich have tax attorneys working for them, and with a 14,000-page tax code full of loopholes, they will not be paying any additional taxes. People in the middle class are the ones that will be paying more taxes. Check your next paycheck and enjoy. Some of you voted for it.
How do we stop the political elite and the growth of our federal government? They continue to take away the powers of the states and the people. We must stop it at the ballot box, but a majority seems to continue to vote for getting something for free and taking us down the road to destruction. There is no free lunch.
When I look at the history of our founding fathers, our Constitution and Bill of Rights, it is obvious their number one concern was limiting the size and power of the federal government. How did our founding fathers get so smart over 200 years ago, and we get so dumb?
The rest of the world is laughing at us! When will Americans wake up?
ReplyDeleteYou're right--the government is on a power trip while raising a middle finger to the taxpayers.
Nothing will change until it effects everyone where it hurts and by then it will be too late to do anything about it.
I don't understand this post. You suggest that drawing taxes out of the wealthy is "dumb," then lambast the political elite -- the same folks that are in the pockets of the wealthy. If you want to continue to protect the wealthy from paying their fair share, then you are supporting the political elite. This is bizarre. You clearly misunderstand the nature of the current economic environment; if you didn't, you wouldn't be so committed to discrediting the current Administration's efforts to draw us out of an economic crisis in a way that won't completely dismantle everything that we have built. As for the previous post, if you think the rest of the world is laughing at us, think again. US debt and currency is the gold standard. I'm chuckling -- they're buying.
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