From Nygaard Notes –
One of the most common phrases in the U.S. media since the recent election has been the phrase “fiscal cliff.” As an example, here’s a quote from a very typical November 18th story in the London Guardian: “Congress has until the end of the year to hammer out a compromise or risk triggering the so-called fiscal cliff—a toxic mix of [punishing] cuts and tax increases that could derail the still delicate US economic recovery.” That’s the standard propaganda equation: January 1st = Recession. . . UNLESS we cut, cut, cut. It’s not true. At least the Guardian said “so called.”
“The American media has seized on the term ‘fiscal cliff’ and promoted it, in part, to suggest that measures which would otherwise be enormously popular—ending the Bush tax cuts for the wealthy or cutting military spending—are threatening, even dangerous. The main purpose of the media propaganda about the impending ‘cliff’ is to create a sense of financial emergency and override popular opposition to measures the Obama administration and congressional Democrats and Republicans will put forward to avert it, including sweeping cuts in Medicare, Medicaid and Social Security.”
I’ve been writing about Social Security for many years, and the present moment may be the moment of greatest threat we’ve seen in all those years. Look for more on the subject in these pages soon. In the meantime, beware the phony Fiscal Cliff!
FFI see Nygaard Notes at http://www.nygaardnotes.org