The economic chaos lurking around the corner

[sad sally]

What are the odds that any kind of deal on almost anything will be reached before November 6, or in the two months that follow until the Presidential swearing-in takes place? Slim to none?

Who will be the first to give in? We’re betting that President Obama will be reelected, but does that mean come December 20, 2012 he won’t extend all the Bush tax cuts like he did in 2010?

The President’s budget plan for 2013 was quickly rejected by the House majority. It included spending cuts and higher taxes for the rich, who have been the beneficiaries of the largest decade long tax cuts - even with two wars going on. If the House majority doesn’t change, will he be able to sell this budget plan? If our side becomes the majority will it have the strength to stop the train wreck? Or will he have to cave and extend the Bush/Obama tax cuts for just a while longer so he and congress can work together on a new and improved tax code that will benefit everybody?

Maybe the economic winds are favorable for some, but for 99% of Americans, a bright future is hard to bring into focus. Besides not letting the Bush/Obama federal tax cuts or the Obama payroll holiday end, there’s the AMT penalty, the reduction in the child care credit, the cuts to domestic and the sacred military/national security programs to consider.

Before the end of the year, the President’s treasury department will need the debt ceiling raised. This could become the “bargaining chip” to extend all the tax cuts. The can will once again be kicked down the road; there ain’t no way either side could let taxes go up on everybody with the economy still weak, security in the world unstable, and surely not on those who trickle down the good life to the serfs.

Hold on to your purses and wallets - the ride may get bumpy.

[randome]

1. If we get enough of a majority, then I think chaos can be prevented.

And I think Obama is right when he says Republicans will be a little more cooperative once they lose this election. It remains to be seen how cooperative and how badly they lose.

[sad sally]

2. Hope you're right, but hey, who needs to run a country on more than a day at a time?

Que sera, sera - whatever will be, will be.

[L0oniX]

3. They are "ALL" rich m*tha f*ckas and they don't really care about the regular Joe...

except for their moron votes.

[badtoworse]

4. The tax cuts should just be allowed to expire for everyone

We did OK with the Clinton era rates.

[sad sally]

6. I agree, but that's not the President's plan. Shared pain - rock bottom - isn't part of the deal.

The house is on fire, the kids shouldn't have played with matches, but all we hear from politicians is "it's your fault, not mine; I told you so." We have entered the economic twilight zone.

[kentuck]

5. Are we sliding back into a double-dip recession?

Has the stimulus run its course?

Republicans admit that the President inherited a real mess but they say he didn't fix it and now it is worse than when he took over the Presidency.

But they don't want to talk about how they blocked everything that was proposed and refused to pass a stimulus that was big enough to get our economy jump-started. They even bad-mouthed the stimulus that was passed, however small. They refused to pass the American Jobs Act to put people to work. It died in the Republican House.

And now, it is all the President's fault. What Democrat is strong enough to argue otherwise?

[sad sally]

7. I don't think any President could fix the mess this country's in.

Neither by cutting taxes and hoping some rich folks will create jobs, nor by invading a country and hoping to find a threat once there. The actions taken by the government, with our consent, have run amok.