Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
Silver Long-term Trend Analysis - 28th Nov 21
Silver Mining Stocks Fundamentals - 28th Nov 21
Crude Oil Didn’t Like Thanksgiving Turkey This Year - 28th Nov 21
Sheffield First Snow Winter 2021 - Snowballs and Snowmen Fun - 28th Nov 21
Stock Market Investing LESSON - Buying Value - 27th Nov 21
Corsair MP600 NVME M.2 SSD 66% Performance Loss After 6 Months of Use - Benchmark Tests - 27th Nov 21
Stock Maket Trading Lesson - How to REALLY Trade Markets - 26th Nov 21
SILVER Price Trend Analysis - 26th Nov 21
Federal Reserve Asks Americans to Eat Soy “Meat” for Thanksgiving - 26th Nov 21
Is the S&P 500 Topping or Just Consolidating? - 26th Nov 21
Is a Bigger Drop in Gold Price Just Around the Corner? - 26th Nov 21
Financial Stocks ETF Sector XLF Pullback Sets Up A New $43.60 Upside Target - 26th Nov 21
A Couple of Things to Think About Before Buying Shares - 25th Nov 21
UK Best Fixed Rate Tariff Deal is to NOT FIX Gas and Electric Energy Tariffs During Winter 2021-22 - 25th Nov 21
Stock Market Begins it's Year End Seasonal Santa Rally - 24th Nov 21
How Silver Can Conquer $50+ in 2022 - 24th Nov 21
Stock Market Betting on Hawkish Fed - 24th Nov 21
Stock Market Elliott Wave Trend Forecast - 24th Nov 21
Your once-a-year All-Access Financial Markets Analysis Pass - 24th Nov 21
Did Zillow’s $300 million flop prove me wrong? - 24th Nov 21
Now Malaysian Drivers Renew Their Kurnia Car Insurance Online With Fincrew.my - 24th Nov 21
Gold / Silver Ratio - 23rd Nov 21
Stock Market Sentiment Speaks: Can We Get To 5500SPX In 2022? But 4440SPX Comes First - 23rd Nov 21
A Month-to-month breakdown of how Much Money Individuals are Spending on Stocks - 23rd Nov 21
S&P 500: Rallying Tech Stocks vs. Plummeting Oil Stocks - 23rd Nov 21
Like the Latest Bond Flick, the US Dollar Has No Time to Die - 23rd Nov 21
Why BITCOIN NEW ALL TIME HIGH Changes EVERYTHING! - 22nd Nov 21
Cannabis ETF MJ Basing & Volatility Patterns - 22nd Nov 21
The Most Important Lesson Learned from this COVID Pandemic - 22nd Nov 21
Dow Stock Market Trend Analysis - 22nd Nov 21
UK Covid-19 Booster Jabs Moderna, Pfizer Are They Worth the Risk of Side effects, Illness? - 22nd Nov 21
US Dollar vs Yields vs Stock Market Trends - 20th Nov 21
Inflation Risk: Milton Friedman Would Buy Gold Right Now - 20th Nov 21
How to Determine if It’s Time for You to Outsource Your Packaging Requirements to a Contract Packer - 20th Nov 21
2 easy ways to play Facebook’s Metaverse Spending Spree - 20th Nov 21
Stock Market Margin Debt WARNING! - 19th Nov 21
Gold Mid-Tier Stocks Q3’21 Fundamentals - 19th Nov 21
Protect Your Wealth From PERMANENT Transitory Inflation - 19th Nov 21
Investors Expect High Inflation. Golden Inquisition Ahead? - 19th Nov 21
Will the Senate Confirm a Marxist to Oversee the U.S. Currency System? - 19th Nov 21
When Even Stock Market Bears Act Bullishly (What It May Mean) - 19th Nov 21
Chinese People do NOT Eat Dogs Newspeak - 18th Nov 21
CHINOBLE! Evergrande Reality Exposes China Fiction! - 18th Nov 21
Kondratieff Full-Season Stock Market Sector Rotation - 18th Nov 21
What Stock Market Trends Will Drive Through To 2022? - 18th Nov 21
How to Jump Start Your Motherboard Without a Power Button With Just a Screwdriver - 18th Nov 21
Bitcoin & Ethereum 2021 Trend - 18th Nov 21
FREE TRADE How to Get 2 FREE SHARES Fractional Investing Platform and ISA Specs - 18th Nov 21
Inflation Ain’t Transitory – But the Fed’s Credibility Is - 18th Nov 21
The real reason Facebook just went “all in” on the metaverse - 18th Nov 21
Biden Signs a Bill to Revive Infrastructure… and Gold! - 18th Nov 21
Silver vs US Dollar - 17th Nov 21
Silver Supply and Demand Balance - 17th Nov 21
Sentiment Speaks: This Stock Market Makes Absolutely No Sense - 17th Nov 21
Biden Spending to Build Back Stagflation - 17th Nov 21
Meshing Cryptocurrency Wealth Generation With Global Fiat Money Demise - 17th Nov 21
Dow Stock Market Trend Forecast Into Mid 2022 - 16th Nov 21
Stock Market Minor Cycle Correcting - 16th Nov 21
The INFLATION MEGA-TREND - Ripples of Deflation on an Ocean of Inflation! - 16th Nov 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Why We Should Not Fear the Fiscal Cliff

Politics / UK Politics Nov 18, 2012 - 04:51 AM GMT

By: Kevin_Geary

Politics

Everyone is worrying about the "Fiscal Cliff" but I say, "bring it on!" It will be great for America (and better than the alternative).
Here's why:
First of all, all the taxes that were cut under George W.Bush led us into a fiscal catastrophe, especially when he started two devastatingly costly and unnecessary wars, that both lasted longer than any other American wars (and Afghanistan, longer than World War I, World War II and the Civil War put together!) So, restoring all tax rates to the level they were when Clinton left office, will bring in huge amounts of revenue, which we desperately need.

Secondly, the "5% cuts across the board" to all government programs including the Military, Education, the Arts, Health and everything else, is actually the only way we'll ever get serious spending cuts made. All corporations, and many households can easily cut 5% off their budgets, and regularly do so, in lean and hard times. Even 10% is manageable.
 
The fact is that the austerity being imposed on Greece, Spain, Portugal and Ireland all have increased taxes more, and reduced spending by far more, than anything that will happen here in the so-called "Fiscal Cliff" and were the IMF to come in to the US to "rescue" us from our long-lived folly, they'd be imposing far higher taxes, and far deeper cuts than anything in the "Fiscal Cliff"!
 
I truly believe that this country needs severe"shock treatment" to restore the balance after more than a decade of profligacy by the Congress. And Congress will do nothing in the next few weeks to fundamentally restore the taxes (revenue) or really cut spending (as opposed to merely decreasing the annual percentage level increases in the various programs funded by Congress).
Since the Democrats won't be prepared to cut spending and the Republicans won't be prepared to bring back tax rates that saw this country go into a surplus for the first time in decades, the "Fiscal Cliff" will actually achieve what neither party is willing to do politically (even though they know it's imperative financially).
 
So, if we cross the Rubicon (or perhaps, the Delaware?) and fall off the "Fiscal Cliff," it will probably be the very best thing that could happen, to get our finances back into the black. And we need that to happen, desperately.
Kevin Geary
http://kevingearyart.com
http://behance.net/kevingearyart
 
Kevin Geary is an artist, poet, and writer about art, politics and economics, especially economics from an historical perspective. His articles and poetry have been published in newspapers and magazines, and online, including the "Market Oracle" website, and a collection of his poetry "Paris and Other Poems" was published in 2009.
 
He was the political cartoonist for the Financial Times at the age of 19. His first one-man show was opened by Harold Wilson the prime minister of the UK in 1972. He has had over 75 exhibitions of his art since. Renowned for his portraits for over 35 years, his list of  renowned sitters read like a "Who's Who" of political, musical religious and royal figures. His works are to be found in several museums, including the Primary collection of the National Portrait Gallery in London.
 
He has established a great reputation for his abstract works as well in the last 10 years, and his works have also sold on the secondary market at auction houses such as Christie's, in both Europe and the US.
He currently resides in the US, in Arizona.

© 2010 Copyright Kevin Geary - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in