12-06-2012, 11:56 AM
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The Fiscal Bluff !@#$%^&* Caucus's 'Grecian Formula' for Economic Collapse
Alexander's Column – December 6, 2012
The Fiscal Bluff
The !@#$%^&* Caucus's 'Grecian Formula' for Economic Collapse
"The multiplication of public offices, increase of expense beyond income, growth and entailment of a public debt, are indications soliciting the employment of the pruning knife." --Thomas Jefferson (1821)
Have you heard about this "fiscal cliff" thing -- I mean have you heard ENOUGH about it?
Well, for 16 months I have dutifully avoided devoting any time and bandwidth to the tax increases and budget cuts scheduled for January 2, 2013, if Barack Hussein Obama fails to sign pre-emptive legislation. However, now that the dust has settled on Obama's landslide 50.9 percent re-election and the status-quo reseating of Republican House and Democrat Senate majorities, it's time to put Obama's Budget Control Act of 2011 (BCA) "deal" into proper Patriot perspective.
In August of 2011, Obama signed this agreement into law in order to get a debt ceiling increase of $2.1 trillion. That in turn allowed him to borrow more money from the Red Chinese to fund his runaway socialist entitlement programs and bloated "stimulus spending" boondoggles -- and, moreover, it allowed him to avoid default and another downgrade of U.S. credit.
In return for more spending ability, Obama agreed to caps on discretionary spending growth to "save" $950 billion over 10 years. House Minority Leader Nancy Pelosi and Senate Majority Leader Harry Reid refer to those caps as "cuts." He also agreed to establish a Joint Select Committee on Deficit Reduction (a.k.a. "super committee") to implement another $1.5 trillion in "savings." If, however, the super committee didn't come to an agreement by November of 2011, Obama's suggested sequestration trigger -- automatic cuts to the budget of $1.2 trillion over the next decade -- would commence on January 2, 2013. (To view mandatory versus discretionary spending, click here.)
Republicans passed the BCA hoping to slow down Obama's "Grecian Formula" economic plan -- his second-term strategy to break the back of free enterprise, crushing it under the weight of mounting taxes, regulations and debt, and ultimately, "fundamentally transforming the United States of America" into a collectivist state under the irrevocable dominance of his Socialist Democrat Party.
In his first term, Obama made significant progress toward that transformation. Much of his massive deficit spending was allocated for increased government employment. When Obama took office, federal, state and local government jobs were 33 percent of all employment. Government jobs now constitute 39 percent of all employment, and Obama wants to grow that number to more than 50 percent with additional "stimulus spending," irrevocably socializing the American economy.
Free enterprise, one of the foundational pillars of Liberty, is the nemesis of Obama's transformational plan, as implicit in his "you didn't build that" condemnation of entrepreneurship and his ridiculous assertion that "The private sector is doing fine," but we need more spending to create "public sector" jobs.
Though the super committee arrived at no agreement on budget cuts to stave off sequestration in January, the Republican House recently passed an extension of the Bush tax cuts, again. (It's the potential expiration of those cuts that Fed Chairman Ben Bernanke warned would constitute a "massive fiscal cliff.")
However, Obama is holding the Bush tax breaks extension hostage, calling his class warfare "tax the rich" rhetoric "a balanced, responsible approach to deficit reduction" and using it as a smoke screen to obfuscate his real agenda -- avoiding the third rail of American politics, "entitlement reforms," and any substantive spending reductions.
Read more of this on the Web at http://patriotpost.us/alexander/15780/