Well, 2012 will go down as the worst year of my life, not just because of Obama and what I see around me, but also because my personal life took a totally unexpected turn for the worse. Live & learn. I will spare you the details of my personal life, but I do want to point out that I am not feeling next year will be anything but more of the same political and economic bad too. And this brings me to my “I told you so” moment.
With both sides on the cusp of a fiscal cliff deal, President Barack Obama vowed Monday to seek additional revenue next year alongside spending cuts. In the process, he also angered several GOP senators who said he demeaned their efforts to reach a deal.
Obama said that a year-end deal to avert tax hikes for the middle class “is within sight, but it’s not done.”
The emerging deal, which sources have pegged at around $600 billion in new revenue, would include permanent extensions of current tax rates on individuals with income up to $400,000 and couples with income up to $450,000. But Obama made clear that he would demand additional revenue as part of any package next year.
Obama has sought a much higher revenue figure — $1.3 trillion — as part of a “grand bargain” in his failed negotiations with Speaker John A. Boehner, R-Ohio.
“My preference would have been to solve all of these problems … in a grand bargain,” Obama said. But “with this Congress, that was obviously a little too much to hope for.”
I doubt this deal happens still. And what I am certain of is that the taxes will be front loaded while there are no cuts. The same stupid people that usually think this sort of schadenfreude, wealth redistribution, soak the rich, politics amount to good fiscal policy, all cheered this crap. But they better rethink their giddiness, because they too will soon be in the line of fire.
Obama has already served notice that this was his first pass. He wants more money for government to spread around. A lot more! That $1.3 trillion – and remember this was to be collected over a decade – was his starting point. I bet he wants at least 10 times as much. The spending isn’t going to stop, and any cuts we ever get told will happen will basically amount to fiction. The rich can not cover what these people want to spend. So we are all going to end up paying more taxes. And that is over and above the massive hike Obamacare promises us will start on Jan 1st, 2013.
Enjoy it while it lasts. May 2013 not be the disaster it is shapping to become. Well wishes to all.