Progressive's New Era of Entitlement : Lost Generations

What nonsense to think Mr Obama has any intention of dealing with our problems - he has no clue about anything except how he can gain advantage for progressives in the next election, 2016, where a boat load of senators will come up for reelection.

Believe, Mr Obama will not do anything that will bring prosperity to this country. Food and energy alone will drive millions into poverty. Who ever voted for Mr Obama, and their are millions that should know better, will have to take the responsibility for the destruction of our way of life. In hind site, progressive socialist Democrats have never taken responsibility for anything they have done, not ever. Only Republicans are held to a higher level of moral and fiscal responsibility.

We had one chance to turn our country around but voters decided enslavement and poverty was a better choice then personal freedom and prosperity. Go figure!

The Fiscal Cliff: A Primer
Source: "The Fiscal Cliff: A Primer," Tax Foundation, November 8, 2012.

November 12, 2012
With almost no time to celebrate his reelection, President Obama must quickly come to an agreement with lawmakers on the "fiscal cliff," a combination of spending cuts and tax increases that pose a threat to the fragile economic recovery, says the Tax Foundation.

The fiscal cliff includes such things as:
•Expiring provisions of the 2001 and 2003 Bush Tax Cuts.
•A compromise that will increase the estate tax.
•A patch in the Alternative Minimum Tax.
•A temporary 2 percent payroll tax holiday.
•Five new taxes as a result of the Affordable Care Act.
•In total, the tax increases are slated to cost around $514 billion.

•Additionally, there are spending cuts of $109 billion.

The federal government is borrowing an average of $2.7 billion a day. As a result, the debt is expected to approach the ceiling by the end of 2012, possibly as late as February 2013. Lawmakers expect another political fight between Republicans who resist any future increases to the debt, at least without spending cuts, and Democrats who favor increasing the debt without any future deficit reduction plans.

In the debt ceiling negotiations between Obama and Congress, lawmakers failed to agree on a $4 trillion deficit reduction plan. A law passed in August 2011 stated that if Congress was not able to implement a deficit reduction plan over the next 10 years, then there would be automatic cuts to both defense and non-defense discretionary items. This was done in part to make the cuts so unreasonable to both parties that there would be cooperation in coming up with a deficit reduction plan.

In addition to the debt ceiling, Congress will also pass a new budget or a continuing resolution before March 2013. The last federal budget was passed in April 2009 and since then any spending authorizations have been done through continuing resolutions. In the upcoming year, Congress has the chance to enact a new budget that can reevaluate the priorities of different programs that receive federal funding.