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Article posted Jan 12 2013, 12:57 PM Category: Economy Source: Tim Kelly Print

The Plunder Continues

by Tim Kelly

It was clear the fix was in the moment the term “fiscal cliff” was coined to describe the series of spending cuts and tax increases that were set to kick in on January 1, 2013.

The American people were told in 2011 that the debt ceiling needed to be raised again to avert an outright default on the national debt. So the Budget Control Act of 2011 was passed, which authorized the Treasury to borrow an additional $2.1 trillion — enough to keep the federal government operating until December 31, 2012. But this act also imposed a series of automatic spending cuts (sequestration) and tax increases to address the country’s debt crisis.

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