Fiscal cliff: Worst-case scenarios
If Congress and the Obama administration can't come up with a deal to mitigate the effects of spending cuts and tax increases, the pain could be considerable.
VIDEO ON MSN MONEY
MORE ON MSN MONEY
I find it ironic that this "fiscal cliff" was and is caused by .....................
1. Senators and Congressmen/women who get paid $170,000 plus
2. These same idiots receive better medical AND pensions than us and WE pay for it.
3. These same idiots work 4 months a year and campaign and vacation the rest.
4. They have FAILED us miserably and are still held in high regard as "leaders"
And with all that they still have a job and will realize NOTHING compared to the people that employ them.
We have employed worthless failures and its our fault, now we have to live with OUR and THEIR bad decisions.
Many people, families and businesses have reached their own fiscal cliff for hundreds of years. It's called going broke and they all realized it doesn't work when you SPEND more than you EARN.
Tighten up the straps and quit WASTING our money.
This will NOT repeat will NOT get better until Washington learns the difference between WANT and NEED. How can a welfare recipient buy cigarettes, beer, steaks, lobster, etc. when we pay for them and cannot afford them ourselves?
OBAMA'S ONLY PLAN IS 50 BILLION MORE IN STIMULUS, UNLIMITED DEBT CEILING HE CONTROLS AND RAISE TAXES ON
NOT JUST THE RICH BUT EVERYBODY BUT BY SAYING IT'S JUST THE RICH ONCE AGAIN HE'S LYING CAUSE ALL YOUR
TAXES ARE GOING UP NO MATTER WHAT FROM ENERGY FUEL FOOD REGULATIONS AND HIS DISMAL OBAMA DEATHCARE!
IF YOU VOTED FOR HIM WELL YOUR GONNA SEE WHY HE'S CALLED A SOCIALIST AND WHAT SOCIALISM REALLY IS!
Ironically Panetta mentioned military, border control and weather warnings as what will get cut if taxes aren't raised. These are things the constitution authorizes the Federal government to do. He failed to mention the 100's of billions the government spend on programs that are UNauthorized by the constitution such as Federal unemployment and other hand-out programs, wasted grant money, huge bloated and redundant Federal agencies such the EPA, IRS, NEA, OSHA, FHA, Fannie Mae, foreign aid, etc,etc.
Before 1 dime in taxes are raised, all those cuts should be made. The IRS would have to continue but it could be reduced to about 1% of what it is now if there was a simple flat tax with no deductions or loopholes. Every state and locality already has an education system, the Federal government just duplicates what already exists. Same is true with most Fed agencies and programs.
Next, the government should sell most of it's holdings to the private sector. Hundreds of Federally owned buildings are sitting empty rotting at taxpayer's expense. If sold, it would not only raise money but eliminate the maintenance costs. The government also owns millions of acres of land that goes unused. Vast tracts of land could be sold to the private sector. Again it would not only raise enormous amounts of money, but states would collect property taxes from the owners raising revenue.
Finally, the Federal government should get completely out of the private sector which it has never had a constitutional right to do. The role of the Federal government is to protect it's citizens from oppression, not to create it as it is now doing.
Remember when all those Bush tax cuts were vilified by liberals? Now they've turned into a necessity with Obama demanding they be extended. My how times have changed.
Perhaps democrats ought to listen to more republican ideas, they may learn something about economics.
Our Obama, who art in power, hallowed be thy name. Thy kingdom come, thy will be done, in the USA, as it is in Cuba and the USSR. Give us this day our daily food stamps, and redistribute our wealth as we redistributed the wealth that came before us. Lead us not into prosperity, and deliver us from capitalism, free markets, entrepreneurship, hard work and personal responsibility. For thine is the kingdom of debts and entitlements and deficits and unfunded liabilities, forever and ever. Amen.
Scare tactics one and all. The fiscal cliff is nothing to worry about. Look at the good old days of 2 percent unemployment when the taxes were higher and the spending was less. That's what we want back. Inflation is what we really need to worry about. If the government keeps spending, your home will soon be worth $10 million but and bread will be $100. That's how the government really steals from us. Inflation. Just keep printing money and we'll all be speaking Chinese. I for one welcome the fiscal cliff. The $2000 a year I'll spend in increased taxes will help my grandchildren have a better life.
After reading this article it looks like going over the cliff may be whats best for America. We need to cut spending and raise taxes on everyone to get our debt under controll. I hope no "deal" is reached.
Blame the right, blame the left, and merrily, merrily , merrily, merrily, off the frickin' cliff !
So some will get their wish to have everyone pay their share of taxes, some will get their wish with automatic spending cuts to shrink government spending;
But if your 'wishes' put you in the unemployment line, you will only have 26 weeks- not 99 !
Consider that in your calculations !
With out the States the Federal Government has no teeth
the Emperor has no clothes
JOIN THE SECESSION MOVEMENT
LET THE FEDS KNOW
"WE MEAN BUSINESS"
When we are driven over the Fiscal Cliff
We have to secede to Save the Republic
Secede to get out from the liberal progressive Federal Reserve Charter
The other option is not acceptable
Finacial enslavement by foreign banks called the federal reserve.
Not only does Obama want new taxes but the UN wants $100 trillion in new taxes to be given to the Central banks.
Secede to save our finacial future or your children will wake up broke
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Financial Information.