By Adam Sorensen – There’s “a massive fiscal cliff” in our future, Ben Bernanke told the House Financial Services Committee on Wednesday 2/29. To anyone accustomed to breathless congressional debate, this metaphorical escarpment must sound familiar. Someone once tried to push Granny off it. The nation has teetered on its edge countless times, one pork-laden bill away from taking the plunge to European Socialism. But for the usually reserved Fed Chairman, this was no empty exaggeration. Bernanke is scared. And it’s Congress that’s scaring him. (Time-Swampland)
“Under current law, on January 1, 2013, there’s going to be a massive fiscal cliff of large spending cuts and tax increases,” Bernanke said. (Time/ Swampland)
CKA When Barack Obama tells you that there will be NO tax increase if you make less than $250K you heard it from his own Federal Reserve Chairman, Tax Increases are coming! You can believe the lies Obama is pedaling, but you will only buy that until the gauntlet is laid down and you see the increase in your paycheck. That’s if your fortunate enough to be employed to get a paycheck.
Government and Corporate corruption is bleeding the taxpayer dry and destroying the future for our children and grandchildren. They had absolutely nothing to do with this fiscal disaster but they will pay the highest price! This administration and congress are epicly irresponsible and based on their actions, couldn’t give a damn if the America our children inherit resembles anything like the America they grew up in. It’s unconscionable and criminal.
The unfunded liabilities are in the tens of trillions of dollars. You could tax every man, woman and child 100% for eternity and never pay this debt off. Nearly 50 million people are on food stamps and tens of millions are on a host of other welfare programs. The Great Depression will probably look like a walk in the park compared to what lie ahead.