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Since the U.S. reached the debt ceiling in late 2012 and the country’s credit rating was downgraded for the first time in history, talks of reaching a fiscal cliff have loomed.
The fiscal cliff is a term used to describe what will happen after the start of the new year if there is no budget reform. If Congress does not reach a deal extending tax cuts by the time the Budget Control Act of 2011 goes into effect, taxes will be raised for anyone in the workforce. The result may be another recession.
How can it affect you?
If congress does not reach a deal, $661 billion in new tax hikes will start affecting your first paycheck (a two percent increase) after January 1st. On January 2nd, $78 billion in sequester hikes will begin cutting on some government and private sector workforces, likely causing layoffs and budget cuts.
As I mentioned in my previous post, I’ve been a harsh critic of Obama’s leadership or lack of it since he took office, not because I supported Clinton (which I did but I got over it), but as someone who understands the responsibilities of a chief executive to create meaning, articulate a vision, and put forth an agenda for people to work from. From the time he was elected until now, his vision kept shrinking rather than expanding and his penchant for appeasing even the unappeasable has been nothing short of maddening.
That unwillingness to put a stake in the agenda ground left the Democrats in Congress adrift. The result has been that even when Obama scored accomplishments such as heath reform, it never felt like a victory. Because it was never clean cut, never a righteous fight.
But I have to say he knocked it out of the ballpark tonight in his State of the Union Address (full text here). His energetic delivery, piquant story telling, and frequent appeals to the highest American values made me remember the Obama I voted for in 2008 and thought had disappeared entirely.
I’ve been critical of the President’s leadership in the past, and wrote this about a previous State of the Union address. But I’m rooting for him to be at his rhetorical and persuasive best tonight, not so much for his re- election prospects as for the good of the country.
Candidate Obama had a large vision during his campaign and it called us to our higher selves. In part his decisive 2008 victory was due to America’s exhaustion with George W. Bush. But a big factor was Obama’s vision and his promises to lead a progressive agenda once elected.
Instead, once elected, he focused on small vision projects and on doing deals rather than articulating the ideals that had propelled him into office. Tonight’s speech gives him a new opportunity– the last such chance he’ll have during this term–to give people that bigger vision and not just to say things that are safe. To come out swinging at the Republicans
A political consultant who taught me lots about the workings of the lawmaking process when I was new to retail politics told me that politics is in the end all theater. Rarely has his analysis seemed as accurate as watching the House Republicans today try to justify holding American citizens in a state of suspended animation, wondering what’s going to happen to their paychecks next year or whether their unemployment check will continue to come. One aim of the Republicans is to get voters to hate government, and that seems to be the one thing they are succeeding at. So I found Politico’s question today a little facile, but I answered it anyway. I’d love to know what you think , please.
Arena Asks: House Speaker John Boehner has predicted that the House will reject the Senate-passed payroll tax holiday bill during a vote today. The two-month package would extend rates on the payroll taxes that fund Social Security, unemployment benefits and Medicare by increasing certain home-mortgage fees.
If paychecks go down in January 2012, who will they blame: House Republicans, Senate Democrats, Congress in general or President Obama?
It’s clear that the Republicans orchestrated all of this. Why is there even a question?
Silly question today but I decided to answer it anyway. More to the point, what in your opinion should be the next steps? Who should take leadership?
Arena Asks: Congress is bracing today for the failure of the supercommittee, which will most likely fail to submit paperwork to the Congressional Budget Office by its Monday deadline.
Is this a big hit for Congress, which had a nine percent approval rating in a recent poll? And why was the supercommittee unable to make ends meet?
My Answer: The supercommittee was doomed from the start because the Republicans have less to lose politically by being intractable on revenue. The supercommittee process played right into their hands and the Democrats took the bait…
The Arena Asks: Texas Gov. Rick Perry’s new proposal would let Americans choose between their existing income tax rate or a new flat tax of 20 percent. Will Perry’s flat tax plan restore him to the GOP presidential primary lead? Will his new campaign team help? And what do you make of Perry’s recent birther-curious comments?
Rick Perry might not know how to govern the country but he knows how to win a race by adapting and persisting. The unifying thread connecting these three changes in Perry’s campaign is this: the man is a learner with an almost feral competitiveness that turns obstacles into fuel to propel him to his goal…
I’m in SC today speaking to the South Carolina Women Lawyers Association Women Lawyers and Leadership Conference. Everyone is looking for leadership, but we need to remember that a leader is somebody who gets something done. And then go do it. Same advice I have for members of Congress in my Arena commentary today. Read on and let me know what you would tell the complainers:
Arena Asks: President Obama’s sagging poll numbers have many Senate Democrats up for reelection in 2012 running for cover. And discontent with the president is growing on the House side, too: In his retirement statement Thursday Rep. Dennis Cardoza (D-Calif.) ripped the Obama White House for what he called inaction on the housing foreclosure crisis. Will President Obama be a political albatross for Democratic congressional candidates in 2012?
My Answer: As a lawyer, President Obama should know the first rule of debate: whoever defines the terms is most likely to win it. His failure or perhaps intentional reluctance to do that is the real albatross weighing down members of Congress and causing him to lose the extraordinary voter enthusiasm that swept him into office…
I didn’t get around to answering Politico’s question “Will ‘Buffett tax’ fly?” In time for them to publish it. But after a day of hearing the President argue his case, I’m sharing my thoughts with you. Let me know what you think.
Arena Asks: President Barack Obama will release a plan today to cut the federal deficit by $3 trillion over the next decade, drawing half the savings from new tax revenue and sparing Medicare recipients from having to wait longer to collect benefits. Invoking calls by investor Warren Buffett, Obama’s plan would also would prohibit millionaires from paying a lower tax rate than middle-class Americans. Will this populist-sounding proposal win broad backing? Or is it repackaged class warfare that won’t play well in an aspirational society?
My Answer: If Obama had launched this bold Buffet Rule initiative in January 2009, it would have been a slam dunk…
Passion! What a relief to see President Obama express some in his jobs speech Thursday. And for the first time that I can remember, a presidential proposal specifically addressed women’s essential role in driving the economic engine.
But the political narrative shifts awfully quickly these days. Congresswoman Michele Bachmann’s presidential candidacy, a hot ticket just a couple of weeks ago, is suddenly melting. And Sarah Palin is in her bus, hurtling full-speed toward self-parody as an attention-seeking political used-to-be. While women’s importance in the political landscape can no longer be overlooked, some might say that the much-hyped “year of the conservative women” is over…
What’s your opinion of the president’s speech? Please post below. Here’s mine:
Arena Asks: President Barack Obama on Thursday proposed a $447 billion jobs package composed of tax cuts, aid to states and infrastructure spending, challenging a joint session of Congress to shut down the “political circus” and pass what he dubbed the American Jobs Act as soon as possible.
Will President Obama’s jobs plan work? And can any president really “create jobs”?
My Answer: Passion! What a relief to see President Cool Obama express some passion. I think the whole nation, regardless of political persuasion, breathed differently when at last, he energetically, definitively, told Congress what he wanted: “Pass the bill.”