The biggest problem facing rich Americans is that they all say they don't have enough money. The biggest problem facing poor Americans is that have way too much-indexed social security to the cost of living.
Obama's tax hikes on income higher than $250,000 a year and the Republicans refusal to implement the $1 Trillion in cuts as part of the Budget Control Act,means over the cliff they'll go. As Governor of the Reserve Bank,Gill Marcus,recently said on Bloomberg News "that America's weight in the world economy will impact the growth in the South African economy and the primary concern must be around how that impacts inflation in South Africa".
Republicans have learned diddly squat from the November election and until they get booted out of office,they'll will always be the shameless,selfish militia catering for the rich. Slow learners they not as their kind have been around probably before the time of the dinosaurs.Congressionally created fiscal cliff was designed to cut entitlements. Jobs and growth comes first and foremost and austerity measures for the unnecessary last. The $400 billion that is to be coughed up for Medicaid,Medicare are being paid for by the sick an elderly tax payers I reckon,when the US Military gets told that they'll lose only $100 billion in cuts.
Why can't Republicans become real for once when approaching budget negotiations? Do they still think that the American public are as dumb as a brick and that they'll easily swallow any inept nonsense that comes from Congress? They basically offering nothing to Obama and yet they claim that the administration is unwilling take what they have on offer. Obama was willing to compromise,instead the republicans remains unyielding. GOP is the Congressional cancer in American politics and an irony deficient party,trying to swing it both ways.
Remove the cap on taxes paying for social security incomes and Medicare. Increase capital gains taxes to 35% and federal taxes of those earning more than a $1million a year to 39%.Cut the military spending to 40% annually and retire 60% of officers in all military branches in America and in American bases across the world. Close all loopholes Wall Street uses to shift earnings into capital gains so they can be taxed as earnings and income. Get rid of all the corporate tax breaks on offer. And let the middle classes pull their weight more and let the poor do some of the heavy lifting themselves in carrying the economic burdens of the US Economy.
In summary America, like everyone else,needs to reign in their addictions to wasteful spending. Ultimately increased taxes won't solved anyone ones budget deficits.
References:
1.CNN News
2.Bloombergnews
3.ABC News.
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