Alright
gang, Christmas is over. Time to face
the music.
If you haven’t
read Kyle Becker’s The
Progressive Bible: Obama’s Genesis, you really should. Here’s just some of his parody:
In the beginning Obama promised to create a heaven on earth.
And his believers’ minds were without form, and void; and awe-struck looks were upon the faces of the asleep. And the Spirit of Obama moved upon the faces of the believers.
And Obama said, Let there be debt: and there was debt.
We learn today
that the Chicago Messiah plans
to return early from his annual vacation to Hawaii in order to take part in
talks to avert the fiscal cliff.
Congress is also due to return to the capital on Thursday.
“God only
knows” how a deal can be reached now, said Speaker John Boehner.
If
negotiations between His O’liness and Congress collapse completely, 2013 looks like a rocky year.
Taxes would
jump $2,400 on average for families with incomes of $50,000 to $75,000,
according to a study by the non-partisan Tax Policy Center. Because consumers
would get less of their paychecks to spend, businesses and jobs would suffer.
At the same
time, Americans would feel cuts in government services; some federal workers
would be furloughed or laid off, and companies would lose government business.
The nation would lose up to 3.4 million jobs, the Congressional Budget Office
predicts.
Several tax
breaks begun in 2009 to stimulate the economy by aiding low and middle-income
families are also set to expire at the beginning of 2013. For example, the alternative minimum tax would expand to catch 28 million more
taxpayers, with an average increase of $3,700 a year. Taxes on investments would rise, too. More deaths would be covered
by the federal estate tax, and the
rate climbs from 35 percent to 55 percent. Some corporate tax breaks would end.
If the nation
goes over the fiscal cliff, budget cuts of 8 percent or 9 percent would hit
most of the federal government, touching all sorts of things from agriculture
to law enforcement and the military to weather forecasting. A few areas, such
as Social Security benefits, Veterans Affairs and some programs for the poor,
are exempt.
The
New York Times has an article in today’s paper that cites noted
research economists at the Bank for International Settlements, Stephen
Cecchetti and Fabrizio Zampoli. They
say, “The United States, along with the rest of the industrialized West, has
been on an unsustainable fiscal path for decades.” They predict that unless radical
reforms are adopted the public debt will exceed 400% of GDP.
Such debt levels are wildly implausible, as creditors would likely stop lending to Western governments long before such levels are reached. Some politicians and economists may want to put a fig leaf on it, but the projections by Cecchetti and others mean that the West is effectively bankrupt.
I’d like to
personally thank all those f%#king low-information
voters for perpetuating this financial morass by re-electing The Protector
of the People as Long As They Know Their Place and Belong to The Right Unions.
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