10 who led us to the fiscal cliff
They fed our greed and guilt and told us we could have all the spending and tax cuts, too. While practically all of us had a role in this mess, these 10 stand out.
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In the begining was the Constitution, and said document was amended to elect Senators by direct election, replacing the system that choose Senators in the State Legislators, on the argument it was FAIR.
Now both houses of government and both parties mislead all of us in order to maintain their status quo and get themselves reelected. The real deficit is not the $16 trillion the government recognizes, but that plus $25 trillion in unfunded Social Security obligations they conveniently choose not to show, and an additional $45 trillion in unfunded promises actuarily to pay for future medicare benefits. The real total Federal Debt is not $16 trillion but $86 trillion. The real annual deficit is not $1.6 trillion, but included with that amount the government admits, are the annual increases in unfunded Social Security Benefits and Medicare to a total annual deficit of over $8 trilliion PER YEAR.
The fiscal cliff argument are nothing short of a joke, as TAXING ALL AMERICANS AT 100% WILL NOT FIX THIS.
Every Senator and Congressman in office over the last 40 years would be in jail for life if they perpetrated this scale of fraud in the business sector.
When the stock market started to rebound a little bit, the adjustable rates started to climb. Now these people saw their $700 payments start to climb into the $1000 range. An amount they couldn't afford. Therefore foreclosures started to become a problem for all those with these loans. Then as the rates kept climbing, the foreclosures started to snowball. The Republicans get all the credit for this mess in the so called news industry, but Mr Clinton should shoulder most of the blame.
To bad our news agencies don't want to tell you about this little problem. It's not the first story that has been ignored or twisted to fit their idea of the big story. Any one remember the SUV's Dateline couldn't get to flip over. They had to put explosives under the vehicle to make them flip. I don't remember what their second goof was, but within months of the SUV problem, they did it again. That's the type of news we get today. If the story isn't what they want, no problem - omit facts or twist it around. Find the only expert on the subject matter that agrees with your tilt of the story. I don't watch much news anymore, I search it out on-line and try to put the pieces together to get at the truth.
clinton is the biggest contributor to this mess.
he's the one who wanted to give everyone a home even tho 75% of you couldn't afford one....
a typical democrat...give give give give.....to everyone who cries the blues....
This is an old story from the commie pinko Rex Nutting that was published on Marketwatch a FULL 2 weeks ago.
News to MSN - recycling of digital stories really doesn't do anything for the environment.
Come on MSN - try to keep up!
This article was definitely written by a left wing liberal with an anti republican agenda.
Clinton's tax cuts were based on inflated tax receipts from the dot.com boom. I guess all we need to do is to invent the Internet all over again - since it was widespread introduction of the internet (a ONE TIME event) that drove the Clinton economy.
Bush's tax cuts DID revive the economy - take a look at unemployment numbers throughout much of his term. We'd LOVE to have the "Bush" economy as compared to the mess we are in today.
Where is Franklin Raines in this list? He was Clinton's budget director who first made the false "surpluses forever" claim - then he left to head Fannie Mae and put them into true subrprimes for the first time in 1999. I'd put him and his predecessor at Fannie Mae - Jim Jones - at the top of the list.
Why are you calling it the "fiscal cliff" anyway - all this means is we are going back to Clinton's tax rates? The 5% of the population that the Bush tax cuts took off the tax rolls will go back on - where they should be if we are to keep spending anywhere near Obama's levels. Less than 15% of Americans did not pay Federal income taxes during the mid-1980's. The "normal" level is no more than 25%. It went above 30% under Clinton, above 40% under G.W. Bush, and is almost 50% under Obama. THAT is the major problem - people who want a nanny state but don't want to pay for it.
The real answer is (and please don't be mad honey) women. They (for the most part) can't make the tough decisions. It's not their fault! Their parentalinstinct kicks in. They want to help.
Our government is too big but they keep voting to make it bigger. All in the name of helping people. Think of all the programs that are suppose to help that have been implemented since women have had the right to vote.
Please think of taxes this way; We can confiscate what a person has for the benefit of the people. Just a way to make stealing legal. Now they hear that all it will take to get through this is all those rich people will just have pay a little more and of coarse it sounds harmful enough but it never stops.
What all politicians from both sides of the aisle must do is accept the absolute necessity of managing our government per the same accounting standards followed by private business. I can absolutely guarantee that a zero based budget aka no more spending increases, for our government over a period of four years would get the deficit under control. It is VERY SIMPLE. You only spend what you bring in. If you want to spend more than you must bring in more revenue by growing your GDP. Come folks we demand that our corporations are regulated so why don't we demand that our government is regulated?
Let's start controlling our expensives by stopping all pay for all poloticians until they sign a pledge to manage our contry and it's budget like business. I would imagine that we would see alot of carrer politicians throw in the towel and do something else.
Economics 101: Massive gov't debt=higher interest+higher taxes+higher infalation. ala Greece, Spain, etc.
Job "creation" dependent on greater DEMAND! Exception: subsidized jobs i.e. government jobs.
I don't need to read any further.
"The deficit would be a fringe issue."
This is insane, and I'm not reacting with guilt programmed by some master Kreskin manipulator.
Can you run a deficit at home? Can you spend more than you make, every week, forever, and it remain a "fringe issue?"
THIS is supposed to be a genuine and intelligent analysis of our national economic crisis?
Mr. Rex You Are An Effing Nut, I wouldn't let you run a lemonade stand with your OWN money.
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[BRIEFING.COM] The stock market finished an upbeat week on a mixed note. The S&P 500 shed less than a point, ending the week higher by 1.3%, while the Dow Jones Industrial Average (+0.1%) cemented a 1.7% advance for the week. High-beta names underperformed, which weighed on the Nasdaq Composite (-0.3%) and the Russell 2000 (-1.3%).
Equity indices displayed strength in the early going with the S&P 500 tagging the 2,019 level during the opening 30 minutes of the action. However, ... More
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