Posts tagged Lindsay Lohan
Remember over last year or two, how Republicans repeatedly threatened financial disaster? Like high school drama queens in some teenage soap opera, they manufactured one crisis after another. We’re on the verge of another series of showdowns. Get your scorecards ready.
We had the debate over extending the Bush tax cuts at the end of 2010. Republicans insisted we needed to maintain those tax cuts, especially for the wealthy, or else in a fit of piqué the spoiled rich kids would pick up their marbles and stop creating jobs. Part of the deal for extending the cuts included expansions of Pell grants for college students and a temporary reduced payroll tax for America’s working people.
Then, in April of 2011, America found itself on the verge of a government shutdown. 800,000 federal workers came within a hair’s breadth of being temporarily out of work. The spending appropriations finally passed, after an unnecessary soap-opera-like drama. Then we had the debt ceiling debate the following summer. Republican reluctance to raise the debt limit to finance the spending they’d already approved resulted in the first-ever downgrade of the US credit rating. The eventual deal included the creation of a “Supercommittee” charged with finding nearly two trillion dollars in additional debt reduction.
The Supercommittee failed, due to Republicans refusal to consider even one dime in additional taxes. (Thank you, Grover Norquist, the de facto czar of America’s tax policy.) This means we have massive automatic budget cuts set to kick in beginning in January.
Many of these bad deals are coming back to haunt us. The sequel approaches. (more…)