28 June 2012
Ben Bernanke said it. Today, David Fisher, President of Dallas Federal Reserve says it: we are heading toward a financial “cliff”.
Fisher on CNBC foresees 25% unemployment, even worse. Why? So-called “Bush” tax cuts expire at the end of this year and a flood of new taxes fall upon our backs. By ‘our backs’, I’m referring to the few of us who actually pay income taxes. Approximately half our people pay no income taxes whatsoever.
The non-tax individual mandate morphed into a non-mandate individual tax. We are well on our way down the path toward national bankruptcy close on the heels of France, Greece and Spain.
Isn’t it interesting how two people given the exact same information can arrive at conclusions diametrically opposed to one another?