Tag: U.S. Economy

The Fiscal Cliff Deal

You have to give Congress credit, the television spot, sound bite and photo op drama was high as the “fiscal cliff’ was “avoided” in New Years Eve and New Years Day votes in the U.S. Senate and House.

Automatic tax hikes and spending cuts that were set to begin yesterday were avoided, but the health of the U.S. economy remains perilous.

What really happened was business as usual on Capitol Hill. By extending the Bush era tax cuts to everyone earning less than $450,000 per year, middle and lower class workers will pay less in income taxes. But approximately 96 percent of millionaires will also be paying less income tax than they would have paid if no deal was passed and Clinton era tax rates were restored.

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Wallace: The Economy Is My Top Priority

Across the nation, our friends and neighbors are struggling in this current economy. People have seen the value of their homes decrease and the prices of goods and services increase, which has unfortunately created a drastic decrease in their quality of life.

The No. 1 issue that directly impacts our livelihood is our economy. Our district has areas with unemployment rates at 20 percent or higher, and many who are working are under-employed or have had their pay scaled back. Over the past few months, I have traveled throughout this district to speak with residents about the economy, and I hear time and time again that people are hurting, and that things have to get better.

One of the biggest contributors to our falling economy is the obscene amount of national debt our country has accumulated.

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