As with most Americans, I watched the “fiscal cliff” debacle but did not expect much out of the president nor Congress. At least with low expectations, I was not surprised by this bottom-of-the-barrel bill.
Many numbers have been thrown out about how this will affect taxpayers, wealthy and not so wealthy alike. The numbers that struck me the most were (1) the tax increases are only expected to generate about $60 billion a year; (2) the extension of unemployment benefits will cost about $30 billion a year; and (3) annual interest on the deficit is $38 billion a year. The first two numbers were used in local news media and the third number is on Treasury Direct, the U.S. government’s website showing the interest on the outstanding debt.
Additionally, our leaders wish to pass a bill offering $60 billion to victims of Sandy. Although extending unemployment and helping the victims of Sandy who desperately need help are very good causes, how are we paying for it? It seems with the added expenses tucked into this bill and the Sandy aid bill, our deficit will continue to climb exponentially.
Despite a tax increase, Congress and the president have done nothing to curb their insatiable need to spend money and lots of it. After all, how can they justify the tax breaks to Goldman Sachs, the Wall Street bankers and “major multinationals” contained in this prestigious fiscal cliff bill, as well as subsidizing Hollywood films and tax credits to build NASCAR racetracks?
The American public loses on all accounts because of the bickering of both parties and the failure of our president to lead. Congress needs to quit posturing and blaming the other party. They should do what they were elected to do — put America and its future first.
Deborah S. Brennan • St. Charles
Many numbers have been thrown out about how this will affect taxpayers, wealthy and not so wealthy alike. The numbers that struck me the most were (1) the tax increases are only expected to generate about $60 billion a year; (2) the extension of unemployment benefits will cost about $30 billion a year; and (3) annual interest on the deficit is $38 billion a year. The first two numbers were used in local news media and the third number is on Treasury Direct, the U.S. government’s website showing the interest on the outstanding debt.
Additionally, our leaders wish to pass a bill offering $60 billion to victims of Sandy. Although extending unemployment and helping the victims of Sandy who desperately need help are very good causes, how are we paying for it? It seems with the added expenses tucked into this bill and the Sandy aid bill, our deficit will continue to climb exponentially.
Despite a tax increase, Congress and the president have done nothing to curb their insatiable need to spend money and lots of it. After all, how can they justify the tax breaks to Goldman Sachs, the Wall Street bankers and “major multinationals” contained in this prestigious fiscal cliff bill, as well as subsidizing Hollywood films and tax credits to build NASCAR racetracks?
The American public loses on all accounts because of the bickering of both parties and the failure of our president to lead. Congress needs to quit posturing and blaming the other party. They should do what they were elected to do — put America and its future first.
Deborah S. Brennan • St. Charles