|12-07-2012, 08:46 AM||#1|
Join Date: Jan 2003
Location: Twixt Hell & Highwater
There is No Fiscal Crisis
Let’s get one thing straight: America is not facing a fiscal crisis. It is, however, still very much experiencing a job crisis.
It’s easy to get confused about the fiscal thing, since everyone’s talking about the “fiscal cliff.” Indeed, one recent poll suggests that a large plurality of the public believes that the budget deficit will go up if we go off that cliff.
In fact, of course, it’s just the opposite: The danger is that the deficit will come down too much, too fast. And the reasons that might happen are purely political; we may be about to slash spending and raise taxes not because markets demand it, but because Republicans have been using blackmail as a bargaining strategy, and the president seems ready to call their bluff.
Keep in mind, the real incomes of the top 1% have increased by 700% over the last thirty years. Over that same period of time, the increase for the average, working American has topped out at about 22% (one third the growth of the previous 30 years).
In other words, the whole "fiscal cliff" is a campaign of bull**** designed to steal more wealth from the bottom 99%.