Why are we hearing so much about the fiscal cliff at this time?


Basically because Wall Street, large corporations and other members of the 1% are hoping to stampede us into an agreement that would exempt them or their favored programs from any cuts or tax increases. They are also hoping to slide something by during the lame duck session and to once again induce President Obama into a “grand bargain” that would likely avoid defense cuts and hit ordinary Americans with measures like later retirement ages, cuts in the real value of Medicare and Medicaid benefits and the use of a new cost of living measurement for annual Social Security increases. All these “reforms” would cut existing benefit levels. Many anti- poverty advocates fear that the 1% are using the fiscal cliff to undermine Social Security by transforming it from a universal social program to a means-tested program with diminishing benefits for seniors. 

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