Economic Education

Fiscal Cliff

I've been trying to avoid the term as it seems to be one of those media-driven doomsday scenarios .... But it really is starting to look nasty ... Especially when you see the misinterpretation of numbers (see previous post on jobs numbers)

Any how ... Some quick facts

"There can be no deal without rates on top earners increasing" White House (President & spokespeople)

88% of households will see taxes rise in 2013

White House would like President to be able to raise debt ceiling as he sees fit (unless there is a 2/3 majority to override him ... Note this is of ALL congress not just House or Senate)

Remember when it was just the top 1% they wanted to go after ... Then it was the top 5% ... Then the top 10%?

Well they must have been paying attention to what Paul Ryan was saying because suddenly they have decided to go after those making $250,000 - or about 20%

They just aren't learning .... They keep spending more than they take in ... They refuse to cut (and some of it is really needed by people right now but can we afford it at the level it is now?) ... The plan they have will kill the incentive to try to do better for yourself and our family ...

So back to the new Presidential Powers they want to give Obama ... Well to the office of president really ... There are currently (because it can change) 435 Representatives and 100 Senators(2 from each state) ... In order to override the president they would need 357 members of Congress to vote against him ...

It will never happen ...

Which is why OBAMA himself voted AGAINST it when President BUSH 2 wanted the SAME POWER!!!!!

As I tell the kids ....

What's Good For The Goose - Is Sauce For The Gamder!!