I just read those words in The Washington Post in an article pertaining to the very dangerous situation we are in now. For those that dont know what the fiscal cliff is (since no one on the news, in the debates, on the campaign trail discuss it) its the culmination of events set to take place January 1, 2013. If they arent fixed before that time there have been dire warning as to what will happen – worse than 2008. On Jan 1st the Bush tax cuts expire, so every American would have a tax increase; the payroll tax holiday will end, which is another tax increase; and $1Trillion of mandatory budget cuts would be implemented.
On Thursday 15 of the largest financial firms warned Obama and the congressional GOP that if this matter wasnt resolved there would be immediate and severe consequences including a deep recession, a significant spike in interest rates, an even more devastating downgrade of the US credit rating. Jamie Dimond of JP Morgan Chase and other top executives are trying to organize and do whatever they can to help make an agreement. This indecision is set to make the first part of next year weaker, while adding many layoffs. It was reported that for many firms the fiscal cliff is the top priority of their companies.
Has it really come to this? Is out political system so broken that they cant see a huge disastrous problem coming and not deal with it? Where is the leadership to bring this issue and importance of it to the American people. Barack Obama, Mitt Romney, no one can bring this matter to an agreement? When we already have a very weak economy, anemic job creation and unprecedented longterm unemployment all parties involved are willing to play chicken with this event? This is astounding news, a complete disgrace. President Obama has not spoken to the American people about the importance of this issue; he hasnt called for bi partisan cooperation. I dont care if the GOP hasnt cooperated with Obama on anything, Obama needs to try again, try harder. Whats the alternative, just let the country be stuck in a never ending stalemate?
Before I make my recommendation I want to make my feelings completely clear; I am disgusted with everyone in Congress and the president. This behavior of playing chicken with the future of our country should be an impeachable offense, for all of them. Ok, now here is my recommendation, its for President Obama. Have an Oval Office address, explain the gravity of the situation we are in, and ask Mitt Romney to come to the White House immediately so the 2 of them could work out a deal. Both men should show their allegiance is first to the Country not to their jobs. They should spend the weekend working out these issues and get authority from Congress to pass what they come up with. Mitt Romney could even suggest this, it would show him as more of a leader. If I was advising Obama this is what I would have him do (I would have had him do it in August).
We are about to go over a cliff with damage that cannot be undone.