"Instead of fueling economic growth, this credit/debt threatens to absorb the economic surplus, plunging the economy into austerity, debt deflation and negative equity."
America's "financial system is broken." Wall Street bosses control government policies. Public debt rises exponentially. Money printing madness sustains it.
Imperial and corporate priorities punish ordinary Americans most. The worst is yet to come. Bipartisan complicity plans it.
On January 1, London Guardian contributor Heidi Moore headlined "Congress' manufactured non-solution to its manufactured fiscal cliff crisis," saying:
"The fiscal cliff deal doesn't stop tax hikes, doesn't reduce the deficit, (and) doesn't avoid spending cuts".and it's not even a deal."
Winston Churchill once said America eventually does the right thing after exhausting all other alternatives. He didn't know how Washington operates today.
It manufactured a fake fiscal cliff crisis. Duplicitous fear-mongering hype substitutes for doing the right thing.
" The much-praised deal is as thoughtless and hasty as you would expect from anything cobbled together at the last minute."
Instead of resolving debt problems responsibly, enactment and planned legislation assures "an even bigger cliff, a fiscal mountain."
It grows annually. Expect 2013 legislation to fall woefully short of addressing it responsibly. Both parties share blame. So does Obama. Self-congratulatory postmortems conceal dark policies planned.
Moore quoted Professor Emanuel Derman's reaction to Senate passage. "This is all theater," he said. It's "full of sound and fury, signifying nothing."
Following House passage, Moore added it's only "the first act." It's a pathetic tepid one. It conceals planned hardball 2013 legislation.
Dean Baker contributed his own Guardian article. He headlined "Obama's tax threshold concession bodes ill for debt ceiling talks," saying:
Congress and Obama ignored Congressional Budget Office (CBO) and other forecasts. They predict higher tax rates and large spending cuts risk tipping America's fragile economy into recession.
John Williams and other responsible economists say America's already in one. Its economy is in worse shape than acknowledged. Deeper recession is likely. Protracted Main Street Depression already affects most ordinary households.