Re: Fiscal cliff : what's your opinion, are you afraid ?
Nothing will happen with Obama in office. He's not willing to cut spending. There's no way around balancing the budget without reforming or cutting Social Security or Medicare. Why they extended unemployment benefits for another year is beyond me. Most states already provide unemployment to its citizens for a 12 month period. The Federal Government decided it was dire to ensure 12 months of unemployment benefits on top of the 8-12 from most states during the recession. Makes sense, but we're recovering now and the GDP had a 3.1% growth rate in Q3. There's absolutely no feasible reason to allow people to take advantage of the system and not look for jobs up to 24 months.
But at least the payroll tax cut disintegrated. It's not much, but people need to be contributing more to Social Security if this system is going to be sustainable. It's a start, though it's safe to say that nobody is encouraged by the current state of Congress.
The test of a first-rate intelligence is the ability to hold two opposing ideas in mind at the same time.
- F. Scott Fitzgerald