While the U.S. economy is said to be en route to go over the so-called "fiscal cliff" on January 1, Congress has made little headway in the process of reaching a solution, though there were indications of compromise over the weekend. Unless a compromise is reached, the American people will experience an onslaught of tax increases and spending cuts that the Congressional Budget Office says will set the economy on a downward spiral.
Despite the report of record "Black Friday" and weekend sales to kick off the holiday shopping season, the White House Council of Economic Advisors warned Monday that the tax hikes due to take effect on January 1 could slow the holiday shopping spree unless Congress and the president agree on a way to avoid going over the much anticipated "fiscal cliff."
Since Senator Saxby Chambliss' defection on Thursday from his Taxpayer Protection Pledge, two other senators and a member of the House have also bailed, claiming now that tax increases must be "on the table" to solve the fiscal cliff crisis.
A day originated for the purpose of giving thanks for what we have is now followed by one devoted to aggressively seeking what we do not. And while it’s fashionable to bemoan the commercialization of holidays, we ought to wonder how we got to this point. Because it didn’t happen overnight.
If anyone needed a demonstration that America has lost its spiritual bearings, this year's “Black Friday holiday shopping kickoff provided ample proof. The Christmas shopping season, which used to causally begin the day after Thanksgiving, increasing its intensity over the next four weeks, has now become an end in itself for large segments of the population, not to mention the nation's retail sector.
The European Council meeting in which EU leaders will attempt to reach an agreement on the multi-annual financial framework (MFF) for 2014-2020 began in Brussels on November 22 and EU leaders continue in their struggle to find common ground to set a budget.
With Barack Obama in the presidency for a second term and Democrats still control the Senate, we can forecast U.S. foreign policy, financial policy, and government growth.
All of official Washington and their media lapdogs are shaking in fear of the so-called “fiscal cliff” that is looming January 1, counseling that the economy needs to continue its wild trillion-dollar deficit spending habits into the indefinite future.
One of the best indicators of a state’s economic health, according to John Merline, writing in Investor’s Business Daily, is the “U-Haul Index” (first publicized by economist Mark Perry) to see what people are paying to move into, or out of, the state. Renting a 20-foot truck one way from San Francisco to San Antonio, Texas, for example, costs $1,693. Going in the other direction, however, costs only $983 for the same truck.
Here’s President Obama in August 2009 regarding the link between tax increases, recessions, and business growth: “The last thing you want to do is raise taxes in the middle of a recession because that would just suck up — take more demand out of the economy and put business in a further hole.”