Allowing taxes to rise would be a small price to pay to get U.S. lawmakers to accept spending cuts on entitlement programs, even if it leads to a “moderate recession,” former Federal Reserve Chairman Alan Greenspan said...Greenspan said it would be a mistake to think that the U.S. is going to fix its “unstoppable” spending “without pain.”...“A large increase in taxes required to fund what is currently in the books is going to cause a recession."Yes, that would be our very own Congress, our own government's Budget wonks, agreeing with Greenspan.
Expansion in the U.S. faces headwinds from a slowing global economy and the risk Congress won’t reach a deal to avoid the so-called fiscal cliff, more than $600 billion of tax increases and federal spending cuts scheduled to kick in automatically in January. The drop in spending and rise in taxes could push the country back into recession, according to the nonpartisan Congressional Budget Office.
That same CBO, by the way, reports that, since Obama's re-election,
The post-election rout in U.S. stocks has driven the Standard & Poor’s 500 Index down so far that it would have to advance 26 percent to reach the valuation of bull markets since John F. Kennedy was in the White House.
U.S. stocks sank for the week, sending the Dow Jones Industrial Average to its longest losing streak since August 2011...Investors have seen $806 billion erased from the value of American equities since President Barack Obama was re-elected Nov. 6 in the biggest decline since May.
Don't care about rich people losing all that money in their stock market? Are you happy to see rich people lose all that much money? Consider this, then: the wealthy will have that much less money to even owe higher taxes on that could then have been handed over to those Obama promised it would be redistributed to for doing nothing to earn it.
And I am F A A A R R R from a wealthy person, folks.
The final straw came when the Bakers, Confectionery, Tobacco Workers and Grain Millers International Union, which represents 30 percent of the Hostess work force, ignored a company order to end its strike and return to work by 5 p.m. Thursday.A union representing only 30% of Hostess' workers put the final straw on, breaking the camel's back, and now they're all out of work, out of pensions, out of everything, just before Thanksgiving and Christmas. And the other unions blame their fellow union for this act of blind-to-reality petulance.
"I don't know if they thought that was a bluff," said Gregory Rayburn, Hostess' chief executive officer. A change of mind now, he said is "too late."
"They thought they were playing a game with them and they guessed wrong," Kevin O'Toole, secretary-treasurer of Teamsters Local 145 in Stratford told the Associated Press. He blamed the bakers' union for the shutdown.
"We were gainfully employed," O'Toole said Friday. "We had benefits. Now we have nothing."
O'Toole's local represents Hostess Brands' truck drivers...
Unions don't all act this stupidly, but sadly, more and more of them have been demanding raises in a ravaged economy, now or in times past, when it clearly is unsustainable and out of sync with reality. So holding out for more money or other lavish perks that just don't exist for private workers anymore is clearly ridiculous when the only alternatives are to keep your job and be glad for it, or to close the doors because it costs too much to run the business anymore.
Yet Obama and many Democrats, by their words and actions, have encouraged his union friends to "hold out" for more from rich, greedy corporate America. Because after all, ALL corporate America is greedy and sinful and screwing the average Joe and Josephine, as we've been taught by Obama. Obama didn't start the fire, but he sure as hell isn't trying to fight it, he's only fanning it, to grow it, to make it engulf this country.
Some stones, Mr. Obama, you just can't squeeze blood from. Hostess Brands is but the first "big-name" one. There will be others, thanks to your fanning the flames of class-warfare.
Like, for instance, all the companies who are finding it's cheaper to pay the Obamacare penalty rather than continue offering health insurance to their employees, just so they can keep the doors open and still have a company. Just watch, there will be thousands, if not tens or hundreds of thousands of companies seeing this as the only fiscal way to stay in business.
And that's exactly what Obama was counting on, apparently, in order to pay for some it all. So a few million more will get health insurance who couldn't get it before, while just as many but probably MORE will forfeit their health insurance and now go without it.
Brilliant. Just flipping brilliant.