"...the Sound of Inevitability."

>> Thursday, March 1, 2012

Bernanke warns lawmakers country headed for 'massive fiscal cliff'
--By Peter Schroeder, Feb 29, 2012

Congress risks taking the economy over a “massive fiscal cliff,” Federal Reserve Chairman Ben Bernanke warned lawmakers on Wednesday.

In remarks that hit Wall Street stock prices, the central bank boss suggested the economy could hit a serious roadblock if Congress allows the Bush tax rates and a payroll tax cut to expire and $1.2 trillion in spending cuts to be implemented simultaneously in January.

“Under current law, on Jan. 1, 2013, there’s going to be a massive fiscal cliff of large spending cuts and tax increases,” Bernanke told the House Financial Services Committee. “I hope that Congress will look at that and figure out ways to achieve the same long-run fiscal improvement without having it all happen at one date.“All those things are hitting on the same day, basically. It’s quite a big event.”

The tax hikes and spending cuts could knock GDP growth in 2013 down from 2.6 percent to 1 percent, according to Andrew Fieldhouse, a federal budget policy analyst with the liberal Economic Policy Institute.


Prediction:    Both Obama, and Reid's senate are going to sit on their hands in regard to actually passing legislation that will fix this problem; they'll wait till after Obama's win in November to even address the problem, and then they'll destroy any hope of getting out fiscal house out of the debtors house. Only trouble is, Obama's not likely to win reelection, and the lame duck congress (because of petulant senate democrats who are likely to lose control of the senate) won't be unable to do anything before the new congress is sworn in. Republicans, of course, will be blamed by liberal media and democrats alike for the gridlock, but the blame falls squarely of democrat's and Obama's shoulders.



"Do you hear that Mr. Anderson? That is the sound of Inevitability."

2 comments:

benT - the Unbeliever,  March 1, 2012 at 3:39 PM  

You are all over the map on this.

In the same post you're saying "tax cuts are good because they stimulate the economy so we must extend the Bush Tax Cuts and the Payroll Tax Cuts."

Then a few sentences later its, "Bush and Reid are driving the nation into the poor house."

These are diametrically opposed sentences because tax cuts increase the deficit/debt.

ELAshley March 1, 2012 at 5:01 PM  

I believe you should reread this post in it's entirety, because I haven't said either of the two quotes you attribute to me.

1) Nowhere did I say that "Bush and Reid are driving the nation into the poor house." I said Obama and Reid appear content to await the results of November's election before actually doing anything (if anything at all) about the fiscal mess this country is in.

2) I didn't say the Bush tax cuts were good (though I do believe it), I merely quoted Bernanke who said it would NOT be a good thing to let the Bush tax cuts, the payroll tax cut, and 1.2 trillion in mandatory spending cuts to happen simultaneously... and I happen to agree. It's a disaster waiting to happen.

You say I'm all over the map... yet we're not even on the same page.

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Young Turk:
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