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An inconvenient truth

02 Jan

The White House Left Out One Inconvenient Item On Its Fiscal Cliff Deal Fact Sheet.

Okay, still confused about what the cliff deal means?  Everyone is spinning this one way or the other, so if you just want the facts and the bottom line, who can you trust?  I have a place for you to get the Facts.  The source of this information is impeccable, and ALL of the facts are spelled out in just 1,360 words.

Here’s the (Link), It will take you to this page at the White House:

Kenyanomics

The White House presents the “facts” of this matter. But it leaves out a few facts that are, no doubt, inconvenient for the White House to fess up to. If the President’s men really wanted to be honest about the facts, they would have added a paragraph:

Now about this fact sheet. Just a few items on the list of “Achievements”  that stand out to me:

Strengthens our recovery next year by cutting taxes for the middle-class

This is twice wrong. Middle class taxes are going up $125b in 2013. And the consensus opinion is that the net effect of the tax deal is a drag on GDP of 1%.

Provides greater economic certainty for families and businesses

They gotta be kidding with this line. The tax deal leaves open the pesky questions of

  1. the debt limit,
  2. the sequestered amounts,
  3. cuts in entitlement spending,
  4. additional taxes and don’t forget
  5. the President needs another Continuing Resolution (CR) to keep the lights on. (No budget from the Prez means another CR is required)

Me?  I’m crapping in my pants over that list. The market may be happy today, but what is in front of is much more troubling than what is behind us.

Cuts the deficit and reduces the debt as a share of the economy over the next five years

Compared to what?  The fact is the country just agreed to an additional $4t in debt. Here’s the picture of the debt profile that is the result of this deal. That ugly orange stuff is the additional debt the country signed up for with the tax deal. How do you call this progress?

%ofGDP

I guess if you really want the facts on this deal, you better look elsewhere.

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7 Comments

Posted by on January 2, 2013 in Uncategorized

 

7 responses to “An inconvenient truth

  1. Dannyboy53

    January 3, 2013 at 12:00 am

    The “DEAL” turned out to be a magic show….all smoke and mirrors!

     
    • Dannyboy53

      January 3, 2013 at 12:01 am

      And the audience goes home wondering what the hell just happened.

       
      • The Soffitrat

        January 3, 2013 at 3:42 am

        Hell, it wasn’t even magic. It was good ole American stupidity and greed.

         
  2. Wildflower

    January 3, 2013 at 10:17 am

    just another day in dizzyland!

     
  3. diogenesoftherifle

    January 4, 2013 at 9:42 pm

    Lack of two words has had me cussin out loud and frequently
    SPENDING CUTS!
    And the only one I heard even say them was McCain and he stated they wouldn’t even DISCUSS cuts for two months. (see note on next post about longshoremans strike) Un-huh,
    Party is so over and the drunks haven’t puked out the poison gin yet. Gonna get ugly going forward .

     
    • The Soffitrat

      January 4, 2013 at 11:16 pm

      Soon. I think that I’ll be seein ya soon… 😦

       

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