Interest paid on debt "diverts revenue from being spent on goods and services." Fiscal austerity "shrinks markets." Doing so "reduce(s) tax revenue to the brink of default."
Bondholders treat governments like bankrupt families. They force them to sell prime assets. Banks treat households the same way. So does congressional fiscal cliff legislation.
Corporate and super-rich favoritism comes at the expense of destroying America's social contract. Economic activity suffers.
In its November 2012 report, the Congressional Budget Office (CBO) said without fiscal tightening, "the economy would remain below its potential, and the unemployment rate would remain higher than usual for some time."
Force-fed austerity when stimulus is needed assures much tougher times ahead. Resources directed for growth produce jobs. Workers with money spend it.
Economic pounds of flesh extracted are contractionary. The gap between rich and poor is greater than ever. Privileged segments of society are better off now than earlier. Middle income earners and America's least advantaged are hardest hit.
Longstanding social programs are on the chopping block for elimination. Both parties agree. It's baked in the cake. Obama and likeminded Democrats match Republican harshness.
Fiscal cliff hype is duplicitous scaremongering. It's force-fed American austerity. It targets ordinary people needing help. It wants safety net protections eliminated.
It curtails economic growth. It assures federally mandated protracted hard times.
Imagine bipartisan complicity favoring policies this destructive. Imagine dismissing public need. Imagine the world's richest nation spurning their own people.
Imagine most of them too out of touch to know how gravely they're harmed. Imagine not standing up for their own rights. Imagine today's unfit to live in America more intolerable than ever ahead.
Republicans and Democrats agree. Obama's fully on board. Only America's wealthy, powerful and privilege matter. Others are increasingly on their own.
Scheming politicians target them. Double-dealing reality assures harder than ever hard times. It won't be pretty full-blown. It's coming. Expect it. They'll be no place to hide.
Stephen Lendman lives in Chicago and can be reached at Email address removed .
His new book is titled "Banker Occupation: Waging Financial War on Humanity."