Right now we are in the middle of a huge crisis that was completely self inflicted. The ‘fiscal cliff’ that we are about to go over in a matter of days will end all of the Bush Tax cuts; end the payroll tax cut and immediately enact $1 Trillion in budget cuts. If these actions are to take place they would have tremendous impact on this country, especially the middle and lower class. We have known about this for more than 18 months, yet no one has done anything about it. Since it was an election year President Obama didnt have the leadership skills or courage to start discussions sooner, and the GOP as usual is all about obstructionism and ‘no tax cuts.’ So talks were put off until after the election. The root of this fiasco started last year when the GOP threatened to block raising the debt ceiling; something that was always done without hesitation in our Country’s history. The debt ceiling consists of money we already spent, money the Congress already voted on and agreed to spend. The GOP or more precisely the tea party was willing to let the U.S.A. default on its debt for the first time in our history. This alone is astounding. The thought of putting the richest country on earth in the position of default to me is a criminal treasonous act. With all that went on last year, the tea party is solely responsible for the immediate effects of what happened then; first our credit rating was lowered for the first time in American history and the reason for the drop in the credit rating was because the United States of America was seen as not being able to govern itself. Also, GDP slowed, hiring slowed, the economy slowed. More doubt was put into consumers and businesses minds which caused lower spending, less hiring and knowing we’d be right where we are today.
Some say going over the fiscal cliff isnt that big of a deal. The GOP theory is that if they go over the cliff then in January they would be voting for decreasing taxes (for $250,000 and below) not raising taxes this year on those earning over $1 million per year. This is ludicrous, self serving and again I say its criminal. Now we also have the debt ceiling coming due early than anticipated, by the end of the year. We have completely stalled negotiations, and congress not even in session. The House has passed this off to the Senate to figure out. I place the blame for all of this completely on the tea party and their inability to compromise. Its 100% their fault we are in this mess. I think John Boehner has tried in somewhat good faith to negotiate a deal with President Obama, both last year and now; but he has to deal with this block of tea party people that dont understand finances, governance or what the real problem is. Our biggest problem right now is not debt, its unemployment. Unemployment some estimates is as high as a staggering 23%. You have 25 million people who are looking for jobs and cant find them, companies arent hiring, the markets are going up and down. This is all due to unemployment. What the tea party doesnt understand is that once you get more people working, more people will be paying taxes and both the deficit and long term debt will go down. All of our energy should be placed on getting people back to work. Any tax incentives should be for companies to hire people, especially the longterm unemployed who are regularly discriminated against. What the tea party has done yet again has caused even more uncertainty which will again slow the economy, slow spending, slow hiring, increase layoffs with more unemployment which will cause more pain, suffering to Americans. And it will also bring in less money to the Government which will cause a higher deficit.
I think deliberately causing the U.S. economy to shrink is a treasonous action. These people are working for us and being paid by us and they are held accountable to best represent the American people. The tea party has acted the opposite. I would like to see Obama have the tea party investigated and tried for criminal behavior.
I dont know whats going to happen in the next few days with the fiscal cliff. I do think President Obama should use the 14th Amendment to unilaterally raise the debt ceiling and have the tea party investigated and tried for criminal behavior.