On
January 1, 2013, America careens off a fiscal cliff. The largest tax
increase in the country's history goes into effect. Spending on
defense, Medicare, and other vital areas will be cut indiscriminately.
And, according to the Congressional Budget Office, the fiscal cliff may well push the economy back into recession.
One would think that as president, Barack Obama might feel some small concern over the prospect of economic calamity. But so far, there's been nothing. No suggestion on how to remedy the problem, no moves toward bipartisanship, not a single measure set forth to avoid the looming tax increases and indiscriminate cuts. Nothing.
Instead, the president acts like the fiscal cliff is none of his concern. It is, after all, merely a ticking time bomb that has the potential to set the country back to the darkest days of 2008-2009, when the U.S. stock market dropped by more than half from its July 2007 peak. That market debacle accompanied a severe economic recession in which millions lost their jobs, their homes, and their hopes of a secure retirement. That possibility is staring us in the face again, and the president doesn't seem to care. He doesn't even seem to know that a problem exists.
At his June 8 news conference, Obama informed the country that "private sector is doing fine." He also noted that "the private sector has been doing a good job creating jobs." That's news to the 27,000 workers who may lose their jobs at Hewlett-Packard, and to the 25 million who are unemployed, underemployed, or so discouraged they've quit looking for work. If American businesses are doing "just fine," you'd think there would be jobs for everyone.
One would think that as president, Barack Obama might feel some small concern over the prospect of economic calamity. But so far, there's been nothing. No suggestion on how to remedy the problem, no moves toward bipartisanship, not a single measure set forth to avoid the looming tax increases and indiscriminate cuts. Nothing.
Instead, the president acts like the fiscal cliff is none of his concern. It is, after all, merely a ticking time bomb that has the potential to set the country back to the darkest days of 2008-2009, when the U.S. stock market dropped by more than half from its July 2007 peak. That market debacle accompanied a severe economic recession in which millions lost their jobs, their homes, and their hopes of a secure retirement. That possibility is staring us in the face again, and the president doesn't seem to care. He doesn't even seem to know that a problem exists.
At his June 8 news conference, Obama informed the country that "private sector is doing fine." He also noted that "the private sector has been doing a good job creating jobs." That's news to the 27,000 workers who may lose their jobs at Hewlett-Packard, and to the 25 million who are unemployed, underemployed, or so discouraged they've quit looking for work. If American businesses are doing "just fine," you'd think there would be jobs for everyone.
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