Obama talks today about the fiscal cliff....he will not take questions from the press but we will hear his plan of action.

 

Ah... the good ole fiscal cliff. Now that the election is over, the news media has a new topic to run into the ground.

 

CBO Warns of Recession

Posted: November 8, 2012 at 5:14 pm​

Warnings about the negatives effects of the fiscal cliff continued one day after the election, and comments from both Republicans and Democrats which indicated each was open to budget and tax negotiations. ​

The Congressional warned that matters remain as they are, the U.S. could tip into recession, and unemployment could move to 9.1%​

In its “Economic Effects of Policies Contributing to Fiscal Tightening in 2013″, the CBO warned:​

Substantial changes to tax and spending policies are scheduled to take effect in January 2013, significantly reducing the federal

According to CBO’s projections, if all of that fiscal tightening occurs, real (inflation-adjusted) gross domestic product (GDP) will drop by 0.5 percent in 2013 (as measured by the change from the fourth quarter of 2012 to the fourth quarter of 2013)—reflecting a decline in the first half of the year and renewed growth at a modest pace later in the year. That contraction of the economy will cause employment to decline and the rate to rise to 9.1 percent in the fourth quarter of 2013.
​

​

The parties to the negotiations can’t say they were not advised.

Douglas A. McIntyre​

Read more: CBO Warns of Recession - 24/7 Wall St.​

 

Hoard cash, reduce my business overhead for the future and let all this play out.

Think I am the only one who will do this?

 

No there could be many people that get left behind just like you.

 

If you ask me, the real problem isn't the debt, but all the hysteria surrounding it and the likely austerity measures that will be put in place next year. Beware of the "grand bargain". First and foremost, we need to get the economy moving again and then the deficit will take care of itself.

 

Take a look at history. What ends economies? What ends nations?

 

You are absolutely right about that and even Paul Krugman agrees.

 

The "fiscal cliff" is another media narrative they've fallen in love with. If you ask me, Obama should simply let the tax cuts expire. Once the dust clears, Congress should be in more of a mood to negotiate on more modest spending cuts, and can probably even figure out how to give the middle class a modest tax cut. But instead, everyone is trying to spark a stampede.

 

And it's a false construct. It's really more of a gentle fiscal hill. Plenty of time to deal with it AFTER the tax cuts expire and the fog clears from everyone's eyes.

 

That's the best way to get the economy going. Business owners and the wealthy hoarding cash, cutting workers, causing consumption to fall even further.

Brilliant.

 

Businesses sat on their cash in the hopes of scuttling the recovery and getting Barack Obama defeated. Now that he's been reelected, I assume they'll return to business as usual and start making money for themselves. Or they could hold their breath until they turn blue....

 

On the other hand, if you were a business owner and the economic state being very uncertain, would you risk your livelyhood by going into debt even further? Just as in personal finances, most would try to cut expenses, weather the storm and be there when it all settles.

 

Sat on their cash?

I thought it was Americans are lazy and "sat on their ass" wanting handouts.

That is why historically and to the present day, U.S. workers per capita are the most productive in the world.

Business owners, millionaires or billionaires or not (I won't call them Republicans or Conservatives) ignore that fact because American workers to meet consumer costs in AMERICA have to get PAID (so they can pay TAXES and HELP CUT THE DEFICIT); they would rather send the jobs overseas, pay 20% of what they would have to pay American workers, so they can hoard cash and at the same time pay off lobbiests to make sure they THEY don't have to pay taxes.

Then THEY can sit back on their fat asses and complain that the deficit is rising and it is the PRESIDENT's fault.

Genius.

 

You think maybe Republicans learned this week that you can't dismiss half of the electorate as "takers" and expect to win elections?

Ann Coulter hasn't learned, it seems...

http://www.examiner.com/article/ann...r-there-is-no-hope-if-takers-outnumber-makers

Now she says that Romney was a "perfect candidate" who ran a "perfect campaign". Of course, during the primaries she said that if Romney were nominated, he would lose. She was right the first time.

 

Which is WHY tax breaks and incentives should ONLY be given to business owners who can prove they are providing decent-paying jobs HERE in the U.S. and those who aren't SHOULD be taxed to death.

Whether you are a small business with a half-dozen employees or a major corporation with hundreds of thousands, if you keep people working, with money to pay their bills and consume, the government tax revenues will go up and the economy will rise at the same time. As a business owner in that category, you SHOULD receive tax breaks and incentives.

If you are laying workers off in order to make sure YOU can keep your $647 million fortune safe, while at the same time you are sending jobs overseas, you should be hit with not only a higher personal and corporate tax RATE (like 50% minimum) but you should be hit with penalties for every job you shipped out.

THAT might wake up millionaires and billionaires to wake up and invest in AMERICA instead of only themselves.


AND, before anyone says anything stupid, like "This is Socialism" or "Communism", it is nothing of the sort.

It is not "government telling businessmen how to run their businesses", it is government saying "if you run your business THIS way and it is damaging to the country, there will be THESE penalties".

 

And the ones who do are going to be left behind because all economic indicators signal an improving economy and more jobs.

So let them cut off their noses to spite their faces if they want to. Their loss will be someone else's gain.

 

And Ann Coulter sounds just like Clarise. Someone who can't remember what they said last week and constantly changes their story.

 

Ann Coulter is a dumbass who did learn one thing in her life: If she continues to talk and write like a dumbass, there are plenty of other dumbasses who will listen to you.

 

LOL...wise words from a man who brags about not having a checking account...draws SSD while he elk and deer hunts...what a winner..