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Posted by JohnQC 2013-01-01 09:56||
#2 The RHINOS never learn, do they?
$1 in cuts for every $41 in new taxes?
So much for any recovery hopes.
Posted by DarthVader 2013-01-01 10:13||
#3 So much for any recovery hopes. I gave up my 'recovery hopes' in 2008 or so. I am just praying we avoid a catastrophic economic collapse with widespread destitution.
Posted by Anguper Hupomosing9418 2013-01-01 10:18||
#4 Destitution yes, economic collapse no. It won't be 1930's level, our standard of living has just risen to much I think to fall that much with JUST economics. Though this still has to get through the House. There's palatable, then there's stupid. 41-1. Will mean quite a few ends to congressional careers. 2014 will see ALOT of Primary challenges.
Posted by Charles 2013-01-01 10:23||
#5 Wish I'd hit preview, Destituation NO, Economic collapse YES. Ugh.
Posted by Charles 2013-01-01 10:24||
#6 Bottom line: The term and threat of "sequester" as applied to the gov't budget and spending means absolutely nothing.
Posted by Besoeker 2013-01-01 10:24||
#7 Jerry Pournelle made some relevant comments: I note that there is frantic last minute activity in Congress, but I also note that it is more devoted to ¬"turning off the sequester¬" which is the only real spending cut in the future. No one is looking at fraud and waste, bunny inspectors, government activities we would be better off without. Soak the rich is now the goal for a lot of Democrats. By ¬"the rich¬" is generally meant those whose income is salaries and bonuses, people paid through stock options for engaging in high risk enterprises, etc. People who move money around in circles generally find ways to defer income in ways that don't get hit with ¬"income¬" taxes. And of course there are many perks that come with wealth but which don't look like income.
The President wants to pound the rich. He doesn't care what that does to investment climates. And no one is going to make any cuts to entitlements.
At some point, one would suspect, the American people will have had enough; but that will take a while. And Congress gets a raise. Their staffers get a raise. Government employee pensions continue to rise, and the courts are now saying that cities can't stop paying into pension funds even if they go bankrupt, and the idiots who bought city bonds have less claim on a bankrupt city's money than the pensioned off employees.
Posted by Anguper Hupomosing9418 2013-01-01 10:43||
Posted by tipper 2013-01-01 11:01||
#9 assuming HR8, aka the American Tax Relief Act of 2012, passes the house and is signed, the spending battle will be fought two months from now when the sequesters kick in certain Treasury measures that are being used to manage the national debt run out.
this isn't over, not by a long shot
Posted by lord garth 2013-01-01 13:49||
#10 Do we have to "read the bill to find out what's really in it?" The full impact, it this passes will be painful. The current complexion of the House is, in a big way, due to people feeling 'taxed enough already'. I hope that membership, Mr. Boehner included, remembers that and acts accordingly when it gets to them for a vote.
Posted by warthogswife 2013-01-01 17:24||
#11 With some exceptions, the entire Congressional establishment is pavlovian now on polling (thanks Clintons) and cannot understand push polling adequately to dismiss much of what is responsive to it. We are governed almost exclusively now by perception not principle, and careerism not commitment, so sadly, the Republic has drifted to the rapacious democracy that will want all that is promised like the mob in Rome. Bread and circuses and no understanding of the destruction that is rendering the future more and more impoverished and bleak. I never imagined the rot would be so fast.....
Posted by NoMoreBS 2013-01-01 18:06||