In this The Week magazine is the Briefing article titled Countdown to Taxmegeddon. The gist is because the CES and our Congress can not and will not work together they have kept kicking the budget ball a little bit further so as not to actually deal with the issue. Now with the election strategies being in full force, the ball is being kicked out further still. Thing is this ball has an expiration date – and it is midnight December 31, 2012. Now barring a Mayan calendar, Nibiru cataclysm occurring – our government needs to address the matters involved with this ball that they keep kicking ahead. From the article – emphasis added:
…a combination of $8 trillion in tax hikes and spending cuts scheduled to begin taking effect Jan. 1, 2013. If the country goes off that cliff, economists say, we’ll plunge right back into recession. At midnight on Dec. 31, the Bush-era tax cuts are due to expire, raising income tax rates across the board to levels last seen in 2001. President Obama’s 2 percent payroll tax holiday will end, too, along with a host of other business and investment tax breaks. All told, four out of five U.S. households would face an average of $3,701 more in taxes next year, according to the Tax Policy Center; the federal government’s tax haul would increase by $399 billion….At the same time, the first $100 billion in automatic cuts to defense spending and domestic programs such as Medicare will kick in, under an agreement reached last summer by a congressional super-committee. Together, these measures would squeeze more than $600 billion out of the economy next year alone.
If Congress and the White House don’t act, according to the Congressional Budget Office, the massive tax hikes and spending cuts could knock 4 percent off the country’s projected economic growth. That would probably mean a 1.3 percent contraction in the first half of the year — a recession. “It’s two to three times bigger in negative terms than even the biggest year of the stimulus was in positive terms,” said Austan Goolsbee, former chairman of President Obama’s Council of Economic Advisers.
What this means is following the election the two parties will know who is victor and then the victor will push their agenda in the effort to deal with this ball in their own way. The REALITY is the so-called losing side of the election is not going to be ‘in the spirit” to cooperate (see Congress since the last election) so what is actually good for the citizens = the country will be kicked to the curb in the ongoing political warfare known as partisan politics. What is required is the citizens of the USA to revolt against the current mutated system and install a federal government that is acting for the best of the country. Sad truth is —– it won’t happen. The society in our country today is secular, narcissistic and immoral and the so-called founding fathers wrote the framework for our country with the mentality that the people of the nation would be moral, other-centered and God fearing. Today what we have as a nation of people is – individuals more infatuated with so-called reality TV, sports and entertainment . The haves and have-nots have a horrendous gap separating them and a mentality of us vs. them so that each side pushes the other side even further and further away. Our country – my country – is on life-support and I’m not sure the healthcare staff (government) is going to actually save the patient. We have huge problem that is going to come to its full maturity and when it does our nation will die. It is inevitable.
Proverbs 29:2 KJV When the righteous are in authority, the people rejoice: but when the wicked beareth rule, the people mourn.