- Posted January 3, 2013 by
Watertown, New York
Team iReport featured this story
This iReport is part of an assignment:
The fiscal cliff: Messages to Washington
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Congress Feared Wall Street Would Punish Them If No Deal Was Reached
- zdan, CNN iReport producer
The funniest thing said by a House Representative during the negotiations while the middle class teetered on the edge of the fiscal cliff, was that Congress would reach a deal for fear of what Wall Street would do if they did not.
Wall Street? Congress didn't fear their constituents? Did you laugh? I didn't.
Yes. The Market would punish Congress probably by dropping 500 points when it was all avoidable.
Of course then, Congress would be seen by Wall Street as incompetent.
But paper losses are quite different than real losses on Main Street or if you are a Hurricane Sandy victim waiting for this do nothing Congress to act.
Can Congress look more incompetent than they already do?
(That's if you've been paying attention.)
Maybe Congress isn't as incompetent as we all think. That would depend on whose perspective from which you're looking at what Congress is doing and for whom.
Last night, America's middle class got ran over by a big fiscal freight train and many are cheering that their taxes didn't go up.
Oh, but they did. Just not the Federal payroll taxes.
But Congress let the Social Security 2% payroll tax cut expire when they passed this deal.
No one was watching. Nice bait and switch! What's 2% anyway?
On $600 a week it's means paying $12 more to your Social Security "entitlement" program.
We don't want Social Security to "go bankrupt" do we?
That's not scheduled to happen for many years and it could be put off for many more if Congress implemented a fix called "Scrap the Cap" on the $108K they currently have in place.
Had Congress kept in place the 2% Social Security tax cut for lower wage earners, they could have kept stimulating our economy by spending an additional $12 a week.
The wealthy could have keep Social Security flush with cash from paying a little bit more on a lot more with all the millions they earn each year.
Maybe Congress didn't think that Social Security tax cut of 2% to the middle class was all that stimulative. They did two years ago.
Maybe they think the economy is churning along at a nice clip. It probably is in Washington DC.
These people need to get outside the Beltway more often.
The middle class know that good jobs haven't come back.
Just because Wall Street and the banks are doing well (because Congress has allowed them to fee us to death) doesn't mean Main Street has fully recovered.
Did Congress think we wouldn't notice that some of the tax cuts we got to keep on one hand were taken on the other hand when the 2% Social Security tax cut was rescinded?
Americans got a net tax increase didn't we?
Slick! Yes, and done in the middle of the night, with all the drama.
Congress wants us to thank them because " it could have been worse".
With this Congress? I'm not sure that's possible.
Most Americans aren't educated or aware enough to know what just happened to them.
Got to turn off Redneck Island more often and tune into CNN at least part of the time.
So what do I think?
What deductions did everyone get to keep? And what spending cuts are we talking about? Shared sacrifice? Really? Will government get all they want for their war machine or will they share in the pain? We'll see, but I doubt it.
Clever bait and switch, Congress. I feel your hand in my pocket so don't try and explain it as "you're doing me a favor".
Ask any senior citizen how the Cost of Living Increase they get each year is taken back in additional Medicare costs.
Ah, the government giveth and the government taketh away..unless it's Congress and the Rich we're talking about.
Did Congress get a increase to their Health Care program this year?
Now comes the difficult part- the spending cuts. Wasn't the sequestration supposed to take care of that? Oh, that was put off for two whole months.
Are you noticing what both the Democrats and Republicans are proposing to cut? Military spending? Homeland Security which has become a monstrosity?
Not a word about ending the wars sooner.
But suck it up middle America. We're now going to "share the pain".
That's what Congress calls it before they stick it to us
Somehow, the pain will be disproportionately ours...again..
Any more stimulus money for creating jobs? What about continued outsourcing? Any will in Congress to stop that?
Here's the dirty little secret. They're fine and we'll get screwed.
They ran up the debt on wars and tax cuts for those that didn't need them. They ripped us off with a giant Ponzi mortgage meltdown, bailed out the banks and screwed the homeowners and the middle class. Jobs were cut and wages were lowered to increase corporate profits for shareholders and Main Street carried the load.
Don't you feel so much better that Congress is there trying to help us?
There's just one answer left that will solve our fiscal problems.
We need to get the corporate money out of politics because as more people are seeing, we have the best oligarchy money can buy.
Happy New Year!