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In reply to the discussion: The “Fiscal Cliff” Hoax [View all]Savannahmann
(3,891 posts)59. Certainly I agree, but the White House is screwing US again.
The White House issued a new warning on the fiscal cliff. Link
http://www.latimes.com/business/money/la-fi-mo-economy-fiscal-cliff-20121126,0,7839105.story
WASHINGTON -- On the heels of record sales over the Black Friday weekend, the White House warned that automatic federal tax increases set for next year could hurt the rest of the holiday shopping season and would likely crimp consumer spending by about $200 billion in 2013.
The report released Monday projects that if Congress fails to act and middle-income taxes rise, consumer spending growth could be sliced by 1.7 percentage points and economic growth overall would probably be cut by 1.4 percentage points in 2013. Those are not small numbers given that consumer spending drives about two-thirds of U.S. economic activity and that the American economy has been growing by just a little more than 2% since the recovery began in mid-2009.
The report released Monday projects that if Congress fails to act and middle-income taxes rise, consumer spending growth could be sliced by 1.7 percentage points and economic growth overall would probably be cut by 1.4 percentage points in 2013. Those are not small numbers given that consumer spending drives about two-thirds of U.S. economic activity and that the American economy has been growing by just a little more than 2% since the recovery began in mid-2009.
Does anyone really think those numbers are real? I for one don't, and I encourage Democrats to take the fight to the Repugs. Tell them it's our way, or no deal. If they say no deal, then we win, and taxes go up on the rich. If we cave and screw the base again, we can't very well beg them to go out in force and get all energized for the midterms because they just won't do it.
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over the cliff is good for democrats instead of selling out to republicans...again nt
msongs
Nov 2012
#1
To paraphrase Krugman, this is a political crisis, not a fiscal crisis. Huge K&R nt
riderinthestorm
Nov 2012
#2
"... never really about the deficit... about using deficit fears to shred the social safety net..."
Scuba
Nov 2012
#6
K&R. Well said. Until we have a tiny transaction tax on Wall Street trades, or seriously reduce the
Overseas
Nov 2012
#16
Thank you. Bugs me that getting revenue from the wealthy is seen as a Concession by GOP.
Overseas
Nov 2012
#38
May I make a correction? Why don't more GOP'ers look... because the truth hurts them!
nightscanner59
Nov 2012
#21
Not only is the "fiscal cliff" a hoax, the Tea Party solution would create an economic disaster.
AdHocSolver
Nov 2012
#25