Fiscal Cliff Postponed – Paychecks go Down
on January 2nd, 2013 at 9:28 amIt looks like the president won. He has successfully pulled off an ever popular rob from the rich and give to the poor tactic. The fiscal cliff deal fails miserably to stem the flow of red ink on the books at the Department of the Treasury. The new taxes will do little to even slow down the amount that we add to the National Debt everyday.
You escaped unscathed? Think again. Your Social Security deduction will increase by 2%. If you make $40,000 per year you will take home $800 less this year. Can you guess what impact virtually everyone having a paycheck reduced by 2% will have on the economy?
Ironically, the Hollywood set that is telling us that the rich need to pay their “fair share” get an extension on “Production Tax Incentives”.
It will be interesting to see what President Obama can come up with for reducing expenses in two months.
Kick the can down the road
Leave an even harder row to hoe…
Oh well, I’m sure the gubmint has a new currency all ready to go (to bridge the gap until they stop making printing currency) when a future devalued dollar causes the big crash.
Still, you have to hand it to Obama. He knows how to play the game.
The official spin on right-wing radio is that the economy truly belongs to him now and – after the tax hikes from the deal and especially from Obamacare kick in – the American people will be disgusted.
We’ll see.
I just thought of something.
Doesn’t “Production Tax Incentives” mean “Don’t tax job creators”?