This was entirely a political crisis — not an economic or even fiscal one. – IBD

 

 

From IBD Editorials

EXCERPTS:

‘the “deal” that avoids the cliff — more tax hikes, higher spending, no cuts at all — is the worst possible.’

 

‘Democrats created it in 2003 ….. Ever since, they have used the threat of tax hikes on a broad swath of Americans as a political bludgeon against the Republicans.

 

It’s worked.’

 

‘… five key challenges that demand our attention in the new year:’

 

‘Entitlements. Successive Congresses and presidents have raided all the money going into Social Security’s coffers and used it for other purposes. …. Think Bernie Madoff managing trillions.

…. Medicare is even worse.’

 

‘Deficits and debt. 

If this issue isn’t addressed, Obama and Congress will have taken the U.S. down the road to bankruptcy.’

 

‘ObamaCare.

ObamaCare will carve more than $570 billion out of Medicare — meaning that program will go bankrupt a lot sooner.’

 

‘Housing.

The problem was and remains government meddling in the housing market, through the Community Reinvestment Act (CRA), Housing and Urban Development, Fannie Mae and Freddie Mac, and the Federal Housing Administration.

 

Democrats are in massive denial about this.’

 

‘Regulation. …. the silent cliff. …. cost the economy nearly $1.8 trillion every year’

 

 FULL ARTICLE

 

Also please consider:

Has Obama Already Bankrupted America?

Democrats cover up government fault in financial crisis report

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