Forget the ailing economy in its present form — next year America could be heading toward a (worse) recession if our do-nothing Congress holds us hostage…again. We’ve shown proof, diagrams, graphs, heard from top economists — and even one or two — possibly more Republicans now favor bringing in tax revenue — but stalwart Republicans remain at Grover Norquist, the anti-tax crusader’s side (aka: the Tea Party).
FYI: That’s not money ‘trickling down’; that’s urine.
International Business Times reports:
The U.S. could be hurtling toward a recession next year if Congress fails to prevent a series of government programs and tax cuts from expiring in January, according to a new report from the Congressional Budget Office, or CBO, which set an ominous forecast for 2013.
Without action by Congress to avoid the so-called fiscal cliff — the combination of massive government spending cuts and tax increases that are scheduled to be automatically enacted at the start of 2013 — could lead to the loss of as many as two million jobs, sending the nation’s unemployment back to 9 percent in the second half of the year.
Allowing the Bush-era tax cuts and payroll tax cuts to expire, while also permitting the automatic budget cuts under last summer’s debt ceiling deal to go through — it would cut funding for discretionary programs, including defense spending, and student loan aid — will push the U.S. into another recession, with real GDP expected to decline by 0.5 percent, the nonpartisan agency reports. While that figure hardly compares to the 3.1 percent decline the nation saw in 2009, it’s still a despondent forecast after seeing the GDP slowly inch up in 2010 and 2011.
Note the following:
Instead of allowing the U.S. to reach the fiscal cliff, there could be another way to make up for some of the savings that would be enacted under those spending cuts and tax increases: allowing the Bush-era 2001 and 2003 income tax cuts to expire on incomes above $250,000.
Allowing those tax cuts to expire on schedule, while extending them for middle- and low-income Americans, would save $823 billion in revenue and $127 billion on interest in the nation’s debt, according to Chuck Marr, the director of federal tax policy at the Center on Budget and Policy Priorities. Overall, that would lead to a $950 billion deficit reduction over a decade.
Of course there’s another way — a way around that fiscal cliff — the proximity of which is far too close — but for fuck’s sake, someone give Norquist a Valium (or two), and ask him to tear up those gosh damned pledges. Austerity measures have not worked in Europe and said measures will not work here. In short, stop blaming the poor, when the blame should rightfully be spread out.
Stephen King wrote an article titled: Tax Me for F@%&’s Sake!
Tough shit for you guys, because I’m not tired of talking about it. I’ve known rich people, and why not, since I’m one of them? The majority would rather douse their dicks with lighter fluid, strike a match, and dance around singing “Disco Inferno” than pay one more cent in taxes to Uncle Sugar.
You can read the rest of Mr. King’s article here.
See graphs and additional info from International Business Times here.
Sorry for the F-bombs. /end of rant
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