So What is the Fiscal Cliff and Isn't it Time We Figured Out How to Avoid Going Over It?
President Obama is back in campaign mode, touring the country to raise awareness about the 'looming fiscal cliff.' But isn't it now time for Washington to stop talking and do something?
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According to multiple news sources, President Barack Obama has embarked on a tour to make a public case for his administration's plan for addressing the impending "fiscal cliff."
So what is the fiscal cliff? It's the changes expected to go into effect when the 2011 Budget Control Act expires at the end of the year. Among the changes are:
- The end of last year’s payroll tax cuts (which means a 2 percent tax increase for workers);
- The end of the 2001-2003 tax cuts;
- The beginning of heath care-related taxes set in motion by the president’s Affordable Care Act.
At the same time, spending cuts agreed on in last year's debt ceiling agreement will go into effect, meaning steep cuts to things like the defense budget and Medicare.
According to the Associated Press, both sides warn that going over the cliff could harm the fragile economic recovery, but the White House and congressional Republicans still differ on whether the answer is to raise taxes or close tax loopholes and deductions.
On Friday, the President will visit the Rodon Group, a Hatfield-based manufacturer that makes K'NEX, Tinkertoy and Angry Birds building sets, to highlight the company as an example of a business that thrives when middle-class consumers have more money in their pockets.
Pennsylvania GOP Spokesperson Valerie Caras issued an email statement suggesting that the president's time could be better spent working with Republicans in Washington.
"Considering the financial challenges our nation faces, we urge President Obama to get to work with Congressional Republicans to find a solution that prevents our economy from falling over the fiscal cliff." wrote Caras.
So what do you think? With only a few weeks left, is the time for talking over? Is it now time for Washington to stop all the posturing and figure out a way to fix the problem?
Jack McClure
9:05 am on Wednesday, November 28, 2012
The fiscal cliff is a marketing term to fool the public into thinking that there is a dire problem that the heroic congress must resolve.
Since no politician wants to have their district / program cut or reduced, nor be blamed for their consitutents' taxes raising, they are quick to put out rhetoric that basically says, "Sure, let's cut something else besides my stuff".
The deal the congress and president struck to raise the debt ceiling needs to come to fruition. That's the only way spending will decline and revenues will increase in an across the board fashion.
Otherwise, it's more rhetoric and as long as they're talking, they don't have to do anything.
Jimmy Wilbanks
9:24 am on Wednesday, November 28, 2012
We are not at a fiscal cliff; we are in a fiscal abyss. Remember this number $87 trillion. That's what we owe in current dollars. Forbes wrote an article yesterday that is illuminating. See the article at our site daculaga.gov or type this into your browser to go to the article:http://daculaga.gov/2012/11/a-big-number-you-should-remember-it-will-haunt-you/
North Georgia Weather
12:15 pm on Wednesday, November 28, 2012
And what people don't realize, is that Obama's push to raise the tax on the highest 2% of the wage earners will only generate enough money to run the government for 8 days. Drastic cuts must be made before it's too late.
David Brown
2:42 pm on Wednesday, November 28, 2012
"North Georgia Weather", what drastic cuts are YOU willing to sacrifice for our country?
S.T.Whitehead
1:07 pm on Wednesday, November 28, 2012
Good God, I wonder how much more money he is going to waste "campaigning". That's the only thing he seems to "do well"-He sure can't govern.
David Brown
2:45 pm on Wednesday, November 28, 2012
S. T., each of President Obama's predecessors "campaigned" the same way. President Reagan was very good at it.
Msgoff
4:01 pm on Wednesday, November 28, 2012
Is he truly campaigning or attempting to raise the public's awareness? He has won the election. Unfortunately, too many times the majority of citizens, do not know what the heck the truth is; 3 sides to every story. I am sick of not knowing! I can't blame the President because it is up to the members of Congress to truly represent the majority of constituents & stop trying to ruin the President. They continue to act worse than any child would. It does not matter if we are Republican or Democrat, our best interest should be what matters to us & can the MAJORITY of the people survive Medicare & Social Security cuts, increased taxes, etc. It is a major struggle for most of us to survive these days. President Bush instituted the tax cut for the so-called 2%, so it is not raising taxes for them, it is going back to what they were paying prior to President Bush cutting the tax. We talk too much about people looking for handouts, public assistance etc., but there are more people struggling to survive than we seem to want to acknowledge. People who have worked for years; perhaps without a pension, elderly, people who are still working & wondering how they are going to take care of their children, people who are sick & cannot afford medical bills or medication. How can we blame these people? We need to help each other & we need to let our Congressmen know that we are not happy with the game playing that has gone on for FOUR years in Washington and looks as if is going to continue.LOVE
Racer X
8:25 am on Friday, November 30, 2012
Msgoff- "there are more people struggling to survive than we seem to want to acknowledge. People who have worked for years; perhaps without a pension, elderly, people who are still working & wondering how they are going to take care of their children"
These are the last people who will ask for help and the first people who deserve it. First, however, these people will turn to their families, their churches and their own sense of responsibility, turning to the government as a last resort. The problem I have is with the people who turn to the government first without even so much as a look in the mirror for their answers and believe the government is responsible for them, their mistakes and their misfortunes.
I really do love your message of love and caring for others. I bet you are a wonderful person. I genuinely wish I could be as nice as you but my faith cannot be put in the government. My faith is in the community and people like you.
George Wilson
4:46 pm on Wednesday, November 28, 2012
President Obama to continue to educate the public about his positions. Otherwise the right -wing media machine: ie, Fox, Wall Street Journal. And Rush Limbaugh will fill the vaccum.Remember how critical people were of President Obama for not getting out and making his case on other issues .Also with a 10% approval rating and the inability of the voters to change congress because of gerrymandering, he needs to keep the pressure on for them to do anything.
R++ - One of the famous "Dacula Crew"
11:11 pm on Thursday, November 29, 2012
We all realize how MUCH time explaining positions nationally takes...
There's only so much available before it cuts into "Eye Candy" time
r patton
3:17 pm on Friday, November 30, 2012
Looks like good old George has fallen prey to the kool-aid and "knows not what he says".
Good Grief Y'all
6:59 pm on Wednesday, November 28, 2012
The complaining would go on if he were in Washington holding meetings 24/7 on this "crisis". More complaining and more blaming, no matter what.
Nod
7:12 pm on Wednesday, November 28, 2012
http://www.whitehouse.gov/my2k?utm_source=email186&utm_medium=text&utm_campaign=middleclass
Racer X
11:20 pm on Wednesday, November 28, 2012
Total BS- Obama sitting down with a White family and being genuinely concerned about them and what they think? You gotta be friggin' kidding me.
Nod
12:37 am on Thursday, November 29, 2012
Racer X, I don't understand your comment. Why would President Obama not sit down with a White family and be genuinely concerned about what they think? Is the emphasis on White? Our "manmade rules" say the President is Black; however, he is as much White as he is Black and was raised by a White Mother and White grandparents. In my opinion, you clearly stated the reason why so many people are not supportive of our President, race. He is no worse than many, many others and better than a lot; however, that depends on whether one is Republican, Democrat, White or Black, northern or southerner, etc. Four more years of hatred!
Racer X
11:17 pm on Wednesday, November 28, 2012
The fiscal cliff is Americans not being able to pay for our huge, swirling, all consuming Government with the current tax structure. It is Government trying to figure out how to continue expansion when the American public cannot afford it. The fiscal cliff is about our government's fiscal irresponsibility, both sides.
The fiscal cliff is about locking all Americans down as servants of the Government instead of having Government serve us.
NOTHING can be done until we make being a Congressman or President much less lucrative. As it stands, all any Congressman is worried about after he is elected is how to get re-elected. They will not make the hard calls our country needs because they are so worried about somebody disapproving.
People- watch "The Iron Lady", you can get it on Net-flicks. It is about Margaret Thatcher and has never been a more important movie than it is today.
By God people, stop all this talking and actually DO something!
Good Grief Y'all
7:39 am on Thursday, November 29, 2012
A part of the rising debt that people don't take into account is the INTEREST on the existing debt level. The interest increases the debt ongoing, with no additional spending involved in that increase. Rising debt and interest on the debt, it's what happens when the US goes to war on tax cuts and writes unfunded laws, like Medicare Part D. We're paying interest on debt incurred for many years past. Those spending bills originated in the House, which is in charge of the nation's spending and checkbook. Everybody wants to blame the top man for all ills, but should be looking at Congress. Congress has many unqualified, some unscrupulous, people doing the nation's business.
R++ - One of the famous "Dacula Crew"
11:17 pm on Thursday, November 29, 2012
They will understand once the artificial interest suppression called QE ?"Insert Number Here" ends...
If President Carter could of had our current Fed Chair during HIS term, there would have been a second term.
Good Grief Y'all
7:26 am on Friday, November 30, 2012
More nonsense from you R.
R++ - One of the famous "Dacula Crew"
1:46 am on Saturday, December 1, 2012
HOW is this Nonsense to you?
Have you ever wondered withholding down interest rates so artificially low and what would happen to debt interest expense if rates rise?
Chris P
8:25 am on Thursday, November 29, 2012
The Fiscal Cliff is here because BOTH parties have ignored the message of the Tea Party movement which is Fiscal Responsibility and adherence to the Constitution.
Good Grief Y'all
12:37 pm on Thursday, November 29, 2012
The "Fiscal Cliff" is political theatre that has only become the drama it is since the 2008 election went against the Republicans, won by a half-black man with a scary, odd name. Before then, the debt ceiling was raised without anyone batting an eye, just procedure as usual. We know how to keep from going over the "cliff', but compromise has become evil. A deal will be made at the 11th or 11-1/2 hour - Congress: it's how it rolls.
R++ - One of the famous "Dacula Crew"
11:37 pm on Thursday, November 29, 2012
Washington DC, the source of wannabe wrestling franchise programing for C-Span.
WWE has "He!! in a Cell" while we get "Azzes crossing the Aisle".
The cinema brings us the "The Never-ending Story" while DC brings us "The Continuing Resolutions".
Even in the song entitled "All I want for Christmas is my 2 Front Teeth" there is NOT a call for the Federal Government (aka Federal Giverment) to PROVIDE the teeth!
Good Grief Y'all
3:13 pm on Friday, November 30, 2012
R, that's unintelligible, drivel.
R++ - One of the famous "Dacula Crew"
1:47 am on Saturday, December 1, 2012
Aw glad I'm on your mind ...
Hal Schneider
1:15 pm on Thursday, November 29, 2012
The national debt is on track to hit $20 Trillion+ by 2016. Just how high does it need to go before something is done to stop it, Good Grief Y'all? It will be DOUBLE what it was when Barack Obama took office! If you think we're in trouble NOW with interest payments on the debt, wait until interest rates rise to more historical levels of 4% or higher. The country will then be paying $1 Trillion dollars annually to service the debt. Money down the drain! Almost HALF of the current tax revenues, BTW!
It is mind boggling to me that people can ignore the seriousness of continuing on the current path and not making DRASTIC changes in spending!
Mr. B
2:39 pm on Thursday, November 29, 2012
Nothing to really worry about, Hal. There is $878B in circulation. It is not feasibly possible to pay even the interest if a debtor requested it. It's all ledger transactions. The US can NEVER repay its debt as it is now so doubling it just makes it more ridiculous. If the current administration raises taxes on everyone making more than $250K, it won't even make a dent in the debt. If they took every dime from every US citizen, they couldn't even pay the annual interest. What a sad situation we have gotten ourselves into. My suggestion: learn to speak Chinese and Arabic.
Good Grief Y'all
2:59 pm on Thursday, November 29, 2012
If you're not in Congress there's nothing you can do about it but gripe and write or call your representatives. Good luck with that. You'll only get a voice message or a form letter with them defending their actions or non-action. The debt ceiling has to be raised to cover the interest on the existing debt. Don't raise the ceiling, downgrade credit rating and higher interest for the US and automatically more debt. Sequestration is in place unless Congress acts. Sequestration will reduce spending automatically, including for the DoD - which is what most Rs are concerned about. What will you two give up for the cause?
Mr. B
3:51 pm on Thursday, November 29, 2012
What would I give up?
$1.1T in pensions to Legislators
$1.2T in Healthcare
$478B in unidentifiable government expenses
$485B in Welfare
That's a good start. I can come up with more if needed.
Hal Schneider
5:27 pm on Thursday, November 29, 2012
Good Grief Y'all, I'm willing to give up EVERTHING that the Constitution does NOT define as a function of the federal government! That covers a huge portion of the existing federal employees and spending! I would not cut those functions that are defined clearly in the Constitution as functions of the federal government!
Racer X
6:31 pm on Thursday, November 29, 2012
Or....one could invest in SKS', AR-15s and AK47s then stock pile as much ammo as you could. Then fire Congress and the President, let them assume the debt and start over with a new country.
There would be a lot of hungry lazy people.........but heck, lazy people should be hungry. One last thing people, being poor is SUPPOSED TO SUCK. THAT is what gives incentive to do BETTER. When poor no longer SUCKS, people become CONTENT to be poor, then never make the effort for better. We are a nation of enablers.
Good Grief Y'all
6:32 pm on Thursday, November 29, 2012
Personally, Mr. B - what would you give up personally? I agree about the $478B in unidentifiables and a chunk off the Congressional pensions.
Good Grief Y'all
6:56 pm on Thursday, November 29, 2012
Hal, I mean what would you give up personally? It's easy to give up things other people want or need. You lay off all those federal workers and the economy will get worse. They spend in the economy and pay taxes, too, so that's not a solution. The public sector has already lost many jobs, accounting for the still-too-high unemployment rate. So you would give up anything not defined by the Constitution as a function of the federal govt.? Alrighty then, now we're getting somewhere. The General Welfare definition as applicable to the U.S. Constitution: "The concern of the government for the health, peace, morality, and safety of its citizens. Providing for the welfare of the general public is a basic goal of government. The preamble to the U.S. Constitution cites promotion of the general welfare as a primary reason for the creation of the Constitution. Promotion of the general welfare is also a stated purpose in state constitutions and statutes."
Hal Schneider
10:40 pm on Thursday, November 29, 2012
Good Grief Y'all,
Let's see. I'd start with the Department of Education, the Department of Energy, the Department of Housing & Urban Development, The Department of Health & Human Services, the Department of Agriculture, the Environmental Protection Agency, the Department of Homeland Security, The Department of Labor, the Department of the Interior, the Department of Transportation, the Drug Enforcement Agency, the Bureau of Land Management, the Arctic Research Commission, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Bureau of Consumer Financial Protection, the Bureau of Indian Affairs, FDIC, Federal Reserve System....I could go on and on but I think you get the idea. There are literally thousands of agencies, bureaus, commissions and departments, none of which were EVER contemplated by the Constitution! Bill Evelyn is correct. Government employees create ZERO wealth, they only take money out of the pockets of the taxpayer that they would other wise spend in PRIVATE enterprise, which DOES create wealth.....lots of wealth!
Good Grief Y'all
7:12 am on Friday, November 30, 2012
@Bill Evelyn, I didn't say that "General Welfare" means foods stamps, welfare checks, etc. I even gave the definition of the phrase, so stop your bashing. It meant the well being of the people - which would mean they should have food, shelter, necessities. You can't exclude the welfare of the people from the welfare of the nation. The PEOPLE are the nation. Damn right, GOOD GRIEF! (not surprised one of you da's would take that tact)
Good Grief Y'all
7:14 am on Friday, November 30, 2012
@ Hal - with those ideas, Third World here we come.
Good Grief Y'all
7:18 am on Friday, November 30, 2012
@Bill, how clever - gubbmint - no one has ever seen that before.
Good Grief Y'all
7:21 am on Friday, November 30, 2012
None of you "gubbmint" bashers has listed any personal sacrifices. I'm guessing as long as no cuts affect you, everything else can go.
Good Grief Y'all
7:31 am on Friday, November 30, 2012
Let me lift this out for your easy reading:
"Providing for the welfare of the general public is a basic goal of government. The preamble to the U.S. Constitution cites promotion of the general welfare as a primary reason for the creation of the Constitution."
"general public" = people
Don't you guys believe in the U.S. Constitution? What's that? Only if you can pick out what serves your convoluted views?
Mr. B
7:45 am on Friday, November 30, 2012
As I said before, Obama is mt role model. He doesn't respect the constitution so neither do I.
And what would I give up personally? I have listed what I would give up. And that's MY money. Remember me? The People!! Can't get much more personal than that.
Racer X
8:28 am on Friday, November 30, 2012
Bill Evelyn for President!
Hal Schneider
10:42 am on Friday, November 30, 2012
Good Grief Y'all,
Please tell us WHERE you got that definition, because it is NOT from the Constitution.
Personally, I would forego Social Security and Medicare above and beyond what I have contributed during my lifetime plus interest! There is no other sacrifice that I can make since I receive NO government payments of any kind!
Hal Schneider
12:46 pm on Friday, November 30, 2012
"The Preamble serves solely as an introduction, and does not assign powers to the federal government, nor does it provide specific limitations on government action. Due to the Preamble's limited nature, no court has ever used it as a decisive factor in case adjudication, except as regards frivolous litigation."
Good Grief Y'all
2:59 pm on Friday, November 30, 2012
@Hal: Article I, Section 8 of the Constitution states "general welfare". No definition therein, but no need as the word welfare is in the English language. The Preamble was written as introduction to, purpose of and citing context of the document. Not law, no, and I didn't claim so. You think the Preamble is worthless?
I didn't think you would give up anything personal - no civil conveniences and protections, no tax deductions or loopholes.
Good Grief Y'all
3:05 pm on Friday, November 30, 2012
B., that's your opinion, to which you're entitled, but it's a piss-poor one. See my reply to Hal: "I didn't think you would give up anything personal - no civil conveniences and protections, no tax deductions or loopholes."
Mr. B
10:04 pm on Friday, November 30, 2012
I have no tax deductions and therefore no loopholes now so based on your requirements, I have nothing personal to give up. But if you look at the things I offered, my Social Security/Medicare future is gone.
Hal Schneider
10:47 pm on Friday, November 30, 2012
Good Grief Y'all,
I don't have any deductions to speak of other than the standard deduction. No mortgage deduction, which I'm sure is what you're driving at. If you want to talk about overhauling the tax code that's an entirely different discussion and one that is sorely needed. I support the flat tax, not the national sales tax (or so called Fair Tax).
I have no idea what you mean by civil conveniences and protection. One of the primary functions of government is to provide public protection, so no I would not give that up! If by civil conveniences you're talking about parks and such, then absolutely...the government has no business buying private lands to provide recreational activities to the few!
Hal Schneider
11:07 pm on Friday, November 30, 2012
Not to mention the fact, Good Grief Y'all, that, as all good liberals do, you seem to forget that when I file a tax return, it is to get my OWN money back that the government has confiscated from me at the point of a gun! It is not me GETTING anything FROM the government!
Good Grief Y'all
9:07 am on Saturday, December 1, 2012
Go Dawgs!
John B
3:17 pm on Saturday, December 1, 2012
Your best post to date! Thank you GGY.......