Fiscal Cliff..

[Onkel Neal]

So, what happened? Did we get a deal? I've been humming songs with my fingers in my ears all day...

[Oberon]

Originally Posted by Neal Stevens

So, what happened? Did we get a deal? I've been humming songs with my fingers in my ears all day...

When did you get elected to Congress?!

Yeah, a deal has been passed, although I dare say both sides will condemn it as being 'not enough'

http://www.bbc.co.uk/news/world-us-canada-20886182

It was looking rocky for a while until a closed session suddenly brought them around, no idea what was said in the closed session, probably something along the lines of "For the love of God, can we just pass something today, before we all get lynched by the people we're supposed to be serving?"

I feel your frustration America, I thought our clowns were bad.

[AVGWarhawk]

The stock market is currently going ballistic. Let see if the gains have staying power for the entire day.

[STEED]

Originally Posted by AVGWarhawk

The stock market is currently going ballistic. Let see if the gains have staying power for the entire day.

Possible but in the end they will cream it off.

So its all delayed by agreeing to some sort of fudge job.

[Jimbuna]

Originally Posted by AVGWarhawk

The stock market is currently going ballistic. Let see if the gains have staying power for the entire day.

No problem there but the real question is how will the markets react to between now and two months time when the real negotiations are taking place.

If I were in a position to I'd sell before the weekend of next tbh.

[August]

Now we find out the true reason for all the brinkmanship. The Fiscal Cliff bill is loaded with pork spending and they didn't want to give anyone time to find out before they had to vote on it.

Now campaign promises to the contrary the middle class still gets a tax increase in the form of a 2% hike in social security taxes but the bill ensures that Hollywood gets to knock off $430 Billion a year from their taxes just for making their films in the US, and a bunch of other costly stuff that we can't afford and shouldn't have to.

http://www.usnews.com/news/articles/...gus-nascar-rum

They have learned nothing.

[geetrue]

If you can't change the President ... you can't change Washington

This is a great explanation of what happened ...
if you care to read it you will see why we (the USA) have been served up a con job: http://www.latimes.com/business/la-f...,573514.column

The 'fiscal cliff' con game

By Michael Hiltzik
January 2, 2013


Whatever the ultimate shape of the "fiscal cliff" solution that has preoccupied all Washington, and a fair swath of the rest of country, in the final days of 2012 and into the new year, Americans of all walks of life should be asking themselves this question: How do we like being conned?

The deal, passed by the Senate on New Year's morning, was made final late Tuesday when the House of Representatives signed on. Its essential elements include expiration of the President George W. Bush-era income and capital gains tax cuts on couples' incomes over $450,000, and a modest increase in the estate tax.

Unemployment benefits and tax credits for lower-income families will be extended. The payroll tax holiday that replaced a low- and middle-income tax credit in 2009 will end, but the tax credit won't return.

Many other items, including the fate of automatic spending cuts mandated by the 2011 debt-ceiling deal, are being put off for weeks or months. Another debt-ceiling fight looms on the near horizon.

Still not convinced? Read the LA Times article.

Almost everything mentioned above involves a con game of one sort or another, because almost none of it is what it seems on the surface.

[Platapus]

It is depressing. I don't really see a solution. The founding dudes did not envision a problem with allowing congress to make the rules for congress and to allow congress to monitor congress.

If that ain't conflict of interest, I don't know what is.

The only hope for forcing changes in congress would be a national convention and that would take 2/3rds of the state legislators to request it. Maybe things will get so bad that 34 state legislators could agree on something and force a national convention. But I doubt it.

We are in a bad situation and congress does not seem to care.

I have a feeling that in the next few years, many incumbents will be surprised.

I used to think "when in doubt, vote em out" But there really is not a lot of doubt any more.

Most depressing.

but the bill ensures that Hollywood gets to knock off $430 Billion a year from their taxes just for making their films in the US, and a bunch of other costly stuff that we can't afford and shouldn't have to.

Hey thats not fair, we give them tax breaks so they make their films over here instead of in the US
Oh well maybe we can get the French to outsource their film industry instead by offering them bigger breaks to film here.

I wonder if an independant Texas could take the US film business by offering tax breaks?

I used to think "when in doubt, vote em out" But there really is not a lot of doubt any more.

Do you think the next bunch you voted in would be any different from the current bunch?

[AVGWarhawk]

Did anyone really expect a clean concise bill?

Jimbuna

No problem there but the real question is how will the markets react to between now and two months time when the real negotiations are taking place.

The negotiations are done. The next question is spending cuts. There may not be any negotiations at all. They could not agree and vote on a budget in 4 years. Nothing to see here. Move along.

[Onkel Neal]

Originally Posted by Oberon

When did you get elected to Congress?!

Lol, I wish. You cannot imagine what that would look like

I wish they would stop calling Social Security an "entitlement" program. I'm entitled to what I paid for over 35 years?

[AVGWarhawk]

Originally Posted by Neal Stevens

I wish they would stop calling Social Security an "entitlement" program. I'm entitled to what I paid for over 35 years?

Agreed. I have paid since I was 15 years old. 33 years. I was told it would be there when I retire if I contribute now. Where is my dough?

[Armistead]

Originally Posted by AVGWarhawk

Agreed. I have paid since I was 15 years old. 33 years. I was told it would be there when I retire if I contribute now. Where is my dough?

Yea, same, 50 years old, been paying in since 15, maybe I'll slip by and not have to wait until 80 to retire.

[AVGWarhawk]

Originally Posted by Armistead

Yea, same, 50 years old, been paying in since 15, maybe I'll slip by and not have to wait until 80 to retire.

80? By the time we reach 80 the retirement age will be increased to 95. I'm truly of the mind the age one can retire with full SS benefits will continue to increase. We will never catch it. Much to slow with a cane.

[August]

Originally Posted by AVGWarhawk

80? By the time we reach 80 the retirement age will be increased to 95. I'm truly of the mind the age one can retire with full SS benefits will continue to increase. We will never catch it. Much to slow with a cane.

This guy understands your plight: