In response to:

Richard Trumka: This Whole Fiscal Cliff Thing Is Manufactured

old progrmr Wrote: Nov 15, 2012 2:34 PM
We must understand that radical leftists like Trumpka and Obama really believe that the deficit and debt are not serious problems. They are convinced that the debt can be ignored as long as interest rates are low and it doesn't cost much to finance the debt/deficit. In addition,in the long term, they have convinced themselves that they can "handle" the deficits by simply increasing taxes, not only on the greedy rich, but also a little at a time on everybody who works, invests or saves. Average taxation in Europe is about 40% and only about 23% in the USA. The leftists want 40% to 45% effective rates here; as well as getting their hands on your 401K, IRA's and bank accounts. Hell, with all that money, what's the problem?
old progrmr Wrote: Nov 15, 2012 2:45 PM
A little more info: Getting their hands on accumulated wealth (savings, retirement accounts, personal property) is the key for the Left. The Dems are currently working on such programs. For example, at age 70 1/2 you must take a mandatory distribution from your IRA's based on a government formula so that a portion of the tax sheltered savings can be taxed as normal income. The new program will demand that savers begin making taxable, mandatory distributions from 401K's and IRA's at age 65, rather than 70 1/2. Of course, defined benefit pensions held by Union members will be exempted from this premature taxation. This is but step one. Oh, and if you own your home, just wait on this one, Federal Personal Property taxes!

During a speech today in Washington D.C., AFL-CIO President Richard Trumka called the looming debt disaster a "manufactured crisis" and said "there isn't a fiscal cliff."

"There is no fiscal cliff," Trumka says in prepared remarks to the National Mediation Board Conference in Washington on Thursday. "What we’re facing is an obstacle course within a manufactured crisis that was hastily thrown together in response to inflated rhetoric about our federal deficit."

Obama met with Trumka earlier this week, in addition to other far left leaders, to discuss economic policy. Apparently a $3500 tax increase on...