blog.milesfranklin.com / By Andrew Hoffman / January 25, 2013
Last month, the MSM was abuzz over the potentially CATASTROPHIC “fiscal cliff” conundrum. During the first debt ceiling debacle – in Summer 2011 – Congress successfully “kicked the can” past the 2012 elections with the Budget Control Act, an economically LETHAL dose of spending cuts scheduled to go into effect in January 201. Sadly, said spending cuts – even when coupled with simultaneous expiration of the “Bush tax cuts” – would still not make a significant dent in spiraling U.S. deficits and debt.
Contrary to Congress’ prayers, 2013 did in fact arrive – yielding the need to address this GARGANTUAN pink elephant threatening to stomp the last glimmer of hope of an actualeconomic “recovery.”
Thus, with the maximum amount of sentiment-destroying bipartisan drama, Congress weaseled its way to an eleventh hour “deal” – barely avoiding going “off the cliff.” Essentially, ALL the aforementioned spending cuts were delayed by two months, while NEARLY ALL the Bush Tax cuts were left in place. In the end game, ONLY the ultra-rich will have to fork over higher income taxes – which ultimately, will reduce government tax revenues and private sector job creation; while the ENTIRE POPULATION will pay 2% more due to the untouched expiration of the payroll tax cut.
Since summer 2011, the global economy has dramatically declined – across the board. However, government MONEY PRINTING, MARKET MANIPULATION, and PROPAGANDA – accelerated to spiritual levels – has given the false perception of a “recovery”; despite ALL empirical evidence suggesting otherwise. Whether it’s the “President’s Working Group on Financial Markets” supporting the stock market, the Fed supporting Treasury and mortgage bonds with “QE,” or the suppressive efforts of the Gold Cartel; the government has its hand in ALL pies; poisoning ALL it touches.