Posted 5 years ago on Oct. 25, 2012, 7:33 p.m. EST by hchc
from Tampa, FL
This content is user submitted and not an official statement
This is a decent breakdown of what to expect with the debt and upcoming Congressional deathmatch that is soon to be, ofcourse behind closed doors as usual.
It is still our belief that Obama will not lose, because he is just a better bullshitter. Anyone who saw him on the Tonight Show last night saw that. It's a popularity contest, and few are better at charming people than Obama. Throw in the fact that his competition is a freakin moron, and Republicans cant seem to get out of their own way (Joe Scarborogh referred to them as "morons" just this morning) with their insane rape views, and it seems pretty much a lock at this point.
All of that being said, it is doubtful that Obama will squirm into office this time and accomplish anything progressive or game changing whatsoever. The situation was much more ripe for aggressive change last time, and it failed miserably. Either he doesnt have the desire for it, or lacks the leadership/management ability to get it done.
So where does this leave us? There needs to be some kind of a deal reached soon. There may be a small increase in upper taxes, as even CEO's are claiming it must be part of it. But more likely than not, for the rest of us, we may keep our tax cuts, but get ready for a healthy dose of austerity. It may not be planned to come into effect immediately, but its going to be part of the plan.
And it wont stop there. Neither party has shown the ability to do ANYTHING about the banking cartel since 08 (and dont give me the FRankDodd shit, that was so watered down to begin with it wouldnt even make decent toilet paper). MF Global and LIBOR prove it. Not a peep from anyone. Nothing.
Which leaves us with one way to attempt to balance the budget- take it out of the people. It's not what I want, and I wish it looked better, but judging off of the last 40 years, and the last 4 years, the trends are not in our favor.