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Thread: The US and the Fiscal Cliff

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    Default The US and the Fiscal Cliff

    It is being widely reported about the US about to go over the "Fiscal Cliff" and possible fall back into recession and in turn damaging the world economy. This are the immediate effects in the US.

    On 1 January, tax cuts from the George W Bush era expire and huge spending cuts kick in. Some $607bn of cuts and tax rises are planned, including:

    Reductions in the defence budget
    The end of a 2% payroll tax cut
    Changes to allowances for Medicare - medical care for the elderly
    Reductions to some family income credits for the poor
    The so-called "alternative minimum tax" returning for many taxpayers
    The end of long-term federal unemployment benefits - at about $300 a week - which immediately cuts off about 2 million people
    BBC News - Fiscal cliff: What if we go over the deadline?

    So the immediate effect is tax rises and spending cuts? If I remember correctly Obama et al were against these tax breaks and has been blaming Bush Jr. for inheriting the economy in it's current state. So what is the problem with Obama if the US does go off the Fiscal Cliff on 31 December?
    ‘The Great only appear great because we are on our knees: Let Us Rise!’ “ (James Larkin)

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    Soon time for those that can, to get the hell out of the usa me thinks...

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    The Americans are borrowing like crazy. Obama borrowed more than Bush in less than half the time. Though, just like in the UK, the previous administration left a financial mess behind them (Phony Tony, Flash Gordon). And the same here.

    To their credit the some Americans are at least acknowledging that there is a serious financial debt problem.

    No debate here in Ireland. None in Britain. None in France. In fact it seems as if EU member borrowing just keeps increasing.

    Also there is another problem. Large Democrat run states like Illinois, and California have an extreme addiction to living beyond their means.
    Coveney's ambition is the be Ireland's next EU Commissar and Ireland will pay a price as he builds his CV to position himself sufficiently loyal to the nEU empire.

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    Well neither side wants to give in and maybe present a few concessions. It looks like it is going to be time for a bit of austerity in the US.

    From the BBC article I cited.

    The term fiscal cliff refers to the combination of almost $600bn (£370bn) of tax rises and spending cuts due to come into force on 1 January if Congress does not pass new legislation.
    ‘The Great only appear great because we are on our knees: Let Us Rise!’ “ (James Larkin)

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    Quote Originally Posted by Analyzer View Post
    The Americans are borrowing like crazy. Obama borrowed more than Bush in less than half the time. Though, just like in the UK, the previous administration left a financial mess behind them (Phony Tony, Flash Gordon). And the same here.

    To their credit the some Americans are at least acknowledging that there is a serious financial debt problem.

    No debate here in Ireland. None in Britain. None in France. In fact it seems as if EU member borrowing just keeps increasing.

    Also there is another problem. Large Democrat run states like Illinois, and California have an extreme addiction to living beyond their means.
    But California has had 15 Republican Governors to 5 Democratic ones since 1899, kinda holes that argument.

    Also Illinois has had a majority of Republican Governors 12 to 9.

    They will get a deal...
    Last edited by bob3367; 27th December 2012 at 11:25 PM.

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    Quote Originally Posted by bob3367 View Post
    But California has had 15 Republican Governors to 5 Democratic ones since 1899, kinda holes that argument.
    And a legislature that is usually a Democratic majority. Everything a Republican governor proposes has to please a Democrat legislature. In effect the Democrats hold the power, because they decide what happens and what doesn't happen.
    Coveney's ambition is the be Ireland's next EU Commissar and Ireland will pay a price as he builds his CV to position himself sufficiently loyal to the nEU empire.

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    Quote Originally Posted by Analyzer View Post
    The Americans are borrowing like crazy. Obama borrowed more than Bush in less than half the time. Though, just like in the UK, the previous administration left a financial mess behind them (Phony Tony, Flash Gordon). And the same here.

    To their credit the some Americans are at least acknowledging that there is a serious financial debt problem.

    No debate here in Ireland. None in Britain. None in France. In fact it seems as if EU member borrowing just keeps increasing.

    Also there is another problem. Large Democrat run states like Illinois, and California have an extreme addiction to living beyond their means.
    Eh... Austerity is being widely implemented in the above countries. Compared to the USA where there has been very little if any.

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    Quote Originally Posted by Analyzer View Post
    And a legislature that is usually a Democratic majority. Everything a Republican governor proposes has to please a Democrat legislature. In effect the Democrats hold the power, because they decide what happens and what doesn't happen.
    Thats not my understanding.....

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    Quote Originally Posted by bob3367 View Post
    Thats not my understanding.....
    Political party strength in California - Wikipedia, the free encyclopedia

    Since 1959, the Democratic Party have controlled both houses of the Legislature of the State of California, with the exception of a narrow Republican 41 to 39 majority one house in the years 1995-1996, and 1969-1970.

    This means the California Senate and the Assembly of the State of California has been overwhelmingly Democrat controlled in this period. In fact the CA Senate has been continually Democratic. This has an overwhelming influence on what gets through as state policy. The Democrats have had effective sanction over any governor for this time period. In addition the state Treasurer has been a Democrat consistently since 1998, and for a majority of the years in the period from 1974 to 1998.

    The California Democrats control the State finances of the State of California.
    Last edited by Analyzer; 28th December 2012 at 12:06 AM.
    Coveney's ambition is the be Ireland's next EU Commissar and Ireland will pay a price as he builds his CV to position himself sufficiently loyal to the nEU empire.

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    Quote Originally Posted by feedmelies View Post
    Eh... Austerity is being widely implemented in the above countries. Compared to the USA where there has been very little if any.
    There has been heavy austerity mesures on a state to state level. One area where I used to live near in Oregon has their Kindergarten schools on a 3 day week at certain times of the year as the state trie to balance its books. This is mainly as a result of a collapse in property tax takes which is ring fenced for local schools though.

    California had some major adjustments with their public servants and even laid off a ton of police and firefighters a while ago.

    On the Federal Bugets there hasn't been much in the line of austerity alright but that's coming

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