AlterNet / By James K. Galbraith
6 Reasons the Fiscal Cliff is a Scam
November 22, 2012 |
Stripped to essentials, the fiscal cliff is a device constructed to force a rollback of Social Security, Medicare and Medicaid, as the price of avoiding tax increases and disruptive cuts in federal civilian programs and in the military. It was policy-making by hostage-taking, timed for the lame duck session, a contrived crisis, the plain idea now unfolding was to force a stampede.
In the nature of stampedes arguments become confused; panic flows from fear, when multiple forces – economic and political in this instance – all appear to push the same way. It is therefore useful to sort through those forces, breaking them down into separate questions, and to ask whether any of them justify the voices of doom.
First, is there a looming crisis of debt or deficits, such that sacrifices in general are necessary? No, there is not. Not in the short run – as almost everyone agrees. But also: not in the long run. What we have are computer projections, based on arbitrary – and in fact capricious – assumptions. But even the computer projections no longer show much of a crisis. CBO has adjusted its interest rate forecast, and even under its “alternative fiscal scenario” the debt/GDP ratio now stabilizes after a few years.
The Hidden History of the JFK Assassination
“While We Were Sleeping”
Orwell Rolls In His Grave, featuring MCM – Buy the DVD
About News From Underground
News From Underground is a daily e-news service run by Mark Crispin Miller, a Professor of Culture and Communication at NYU. It is based on his belief that academics, like reporters, have a civic obligation to help keep the people well-informed, so that American democracy might finally work.
If you'd like to receive updates delivered to your inbox daily, sign up for News From Underground Alerts:
Help News From Underground!
Message from Mark: "I am a one-man operation, although assisted greatly by some volunteers, and, now and then, by people paid by others for one-time projects. There is no shortage of skilled, dedicated folks out there who want to help me. There is, however, nothing I can pay them with, unless you decide you can contribute something."
Please donate via the PayPal button above or via PayPal by email to: email@example.com
- A look back at how the US destroyed Libya
- Howling over Putin’s crimes (?), US backs the killers in Ukraine and Gaza
- Why do university administrators get paid so much (and for doing WHAT, exactly)?
- How natural gas—Obama’s panacea—-makes global warming WORSE
- FL cop forces drunk man to move his car, then shoots him dead when he bumps into other cars
- Gary Ravetto on Don’t let them STARVE Don Siegelman!
- ray on Don’t buy these products from Koch Industries!
- Bruce P., M.D. on After David Koch leaves NIH board, NIH classifies formaldehyde—a big Koch product—as a cause of cancer
- Jonny Fredagsvik on MetroPCS is blocking Netflix, Skype and other sites–unless you pay extra
- Uncle Sam on Don’t buy these products from Koch Industries!
- The strange death of Nancy Schaefer (two items)
- Forbidden Bookshelf
- Lest we forget: US shot down a civilian airliner, killing 290 people; then lied about it (and never apologized)
- Mortality rate at Goldman Sachs spikes yet AGAIN as managing director dies in "kite surfing accident"
- Six ways in which the MSM deludes Americans with whopping lies (MUST-READ)
- Talking Points Memo
- Suburban Guerrilla
- alias Bruce
- Election Defense Alliance
- Media Matters
- The Existentialist Cowboy
- Fairness & Accuracy in Reporting
- Cody Lyon
- Citizens for Legitimate Government
- Mainstream Baptist
- Veterans for Common Sense
- t r u t h o u t
- Thom Hartmann
- Media Channel
- History Unfolding
- Writers Voice
- Words of Power
- The International Human Press
- Democratic Undergroud
Need a bigger font size?
- Your link could be here too, contact us for pricing details.