So What The Heck Is That ‘Fiscal Cliff’ Thing All About, Anyway?

by Linda, MoveOn, November 15, 2012

If you’re following the media story, you might believe the GOP’s claims that the world’s about to end. But it’s all a bunch of political posturing so that they can get what their 1% donors want out of the deal.

That’s why we have to spread the truth, so our friends and family don’t fall for their shenanigans. We’ve put together a 5-point guide on what this fiscal showdown is really all about. Check it out and then share it on Facebook, Twitter, or email!

5-Point Guide To The Fiscal Showdown

1. The “Fiscal Cliff” Is A Myth. As Paul Krugman put it, “The looming prospect of spending cuts and tax increases isn’t a fiscal crisis. It is, instead, a political crisis brought on by the G.O.P.’s attempt to take the economy hostage.”[1] Republicans are manufacturing this crisis to pressure Democrats to extend the Bush tax cuts for the wealthy and accept painful cuts to Social Security, Medicare, and Medicaid.

2. The Bush Tax Cuts Finally End December 31. If Congress does nothing, the ax will fall on all the Bush tax cuts on New Year’s Eve.[2] Then, on January 1, the public pressure on John Boehner and House Republicans to extend the middle-class tax cuts (already passed by the Senate and waiting to be signed by President Obama) will become irresistible.[3] So the middle-class tax cut will eventually get renewed, and we’ll have $823 billion more revenue from the top 2% to do great things with.[4]

3. The Sequester. The sequester is another political creation, forced on Democrats by Republicans in exchange for lifting the debt ceiling last year to avoid crashing our economy….

continue reading at MoveOn

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