One of the things that were supposed to happen by going over the cliff was taxes going up for all Americans. Wheter that was at a rate of $800 billion over the next decade or $1.2T, I am not sure. But one thing is indeed certain: Yesterday’s 89-8 vote in the U.S. Senate hiked tax by more than $600 billion over the next decade by targeting those who make more than $400,000 a year.
Also in the bill: $600 billion in “cuts” spread over the next decade that were suppose to go into affect now, was pushed back to start in two months. Those “cuts” were agreed upon last time the Debt Ceiling was raised. But of course, Congress and Obama have no intention to stick to those cuts as you can see it was pushed back by two months because they claim it’s too risky for the economy. Well, if so why did you lie to us two years ago that we will have those “cuts” in exchange for one of the largest Debt Ceiling hikes in history?
(“Cuts” in Washington language means hiking the budget by six percent instead of the eight percent that I wished to hike it…)
Most striking about all this is, Obama said this week that in 2011 he “cut’ spending by one trillion dollars. The problem? Spending in 2011 was actually higher by $147 billion than in 2010! This hike is similar to the budget growth of the last twelve years; which is three times faster the growth of the 1990s. So at this stage Obama’s “Balanced Approach” means hiking tax and then also hiking spending as fast as the last decade so it’s not even a cut in Washington language, yet this does not hold him back from saying he made a cut. Obama is lying into your face thinking you are a dummy and have no clue what is going on.