Something the media won’t tell the sheep is that Democrats are threatening to take the US over the cliff just to carry out their class warfare against the 1%. Obama even threatened to veto any deal that didn’t raise taxes on…you guessed it…the 1%. Democrats are threatening to increase unemployment and wreck the economy even more just so they can raise taxes on the….1%. These increased taxes will not put a dent in Obama’s deficits or the national debt. It’s all window dressing to push the class warfare strategy and the middle class will be the hardest hit.
From The Hill:
The non-partisan Congressional Budget Office on Thursday laid out in substantial detail the costs of not dealing with the fiscal cliff.
CBO had already estimated that going over the fiscal cliff would spark a recession, while simply voiding the tax and spending increases would add trillions to the debt. But the new study breaks down in specific detail the cost and benefits of allowing various parts of the fiscal cliff to remain in place.
It finds that unemployment would rise from 7.9 percent to 9.1 percent by the end of 2013 if the nation went over the cliff.
That’s been the unemployment rate for Obama’s entire presidency. No big deal according to the idiots who reelected him.
The analysis comes as President Obama, Senate Democrats and House Republicans gird for a huge negotiation over spending and tax policy in the coming lame-duck session of Congress.
I love when a liberal lie is exposed. For over a decade, Democrats, and Obama, told the weak-minded the Bush’s tax rates only benefited the rich, yet they want to keep the lowest two tax rate while ending them for…the 1%.
Bush-era tax rates are set to expire at the end of the year, which would raise rates on most households and businesses. A payroll tax cut in place for two years is also set to expire, and Congress has yet to pass legislation to prevent millions of people from being hit by the Alternative Minimum Tax.
Spending cuts triggered by last summer’s debt deal are also set to begin in January.
…The figures in the report are sure to become fodder in the debate over how to move forward, and they offer ammunition for both sides.
Republicans will likely seize on the report’s estimate that preventing tax hikes set to kick in on Jan. 1. will add or save 1.8 million jobs next year.
Democrats will point out that allowing tax rates to rise for households with annual incomes above $250,000 but extending rates for other people would save 1.6 million jobs — nearly as many as if all the rates were extended.
1.8 is > than 1.6
…The CBO report says that extending all the Bush-era rates and patching the Alternative Minimum Tax would help the economy expand by an additional 1.4 percent by the beginning of next year.
Doing that but allowing the top tax rates to rise would add only 1.3 percent to the GDP, an “effect nearly as large” as extending all the Bush cuts, CBO states.
1.4% is > 1.3%
Avoiding the spending cuts in the automatic sequestration would boost GDP by .75 percent, CBO said, while extending the expiring payroll tax cut and unemployment benefits would add another .75 percent.
Hey seniors. Payroll taxes are what goes into social security. 99 weeks of unemployment is too damn much anyway.
Doing all of the above boosts GDP by 3 percentage points by the end of 2013.
The GDP hasn’t been 3% in over 4 years..just saying.
CBO also provides job figures with each of these choices.
Avoiding the cliff altogether would add 3.4 million full-time-equivalent jobs, the report estimates. Just extending the payroll tax and unemployment benefits — as some Democrats are advocating — would add 800,000 jobs.
3.4 million is > 800,000
Preventing the cliff would also expand the deficit. The report says it would add $503 billion to the deficit in 2013 and $682 billion in 2014.
We wouldn’t have the fiscal cliff if Obama did what he promised in 2008 & 2009=cutting the deficit in half. The Bush tax cuts didn’t cause the 4 straight years of record budget deficits nor did they cause the addition of $6 trillion to the national debt.