Fiscal Cliff: Democrats Stiffen Spine Against Trimming Benefits

Hundreds of thousands of workers took to the streets as part of a “European day of action and solidarity,” organized by the European TradeUnionCongress (ETUC). Unions in Spain and Portugal held ageneral strike. Eighty were arrested in Madrid as protests turned violent, and police used rubber bullets in Milan and Rome.  

Spaniards angered by budget cuts and plans to partly privatize their national health service, have held a rally in Madrid.

The IMF, the EuropeanCentralBank and the EuropeanCommission is forcing Greece to sell off its national treasures and resources, antiquities.

France has announced a massive redistributive tax program which would send the top tax rate soaring and increase taxes broadly on the top 10% of society:

FrenchPrimeMinister Ayrault has said that nine out of 10 citizens will not see their income taxes rise in the new budget and has confirmed that there is to be a new 75% tax rate for people earning more than 1m euros (£800,000; $1.3m) a year.

The 75% rate would be on income earnings, but there will also be a wealth tax on holdings above 1.31 million euros, and a cap on tax deductions, as well as a reduction on the tax burden at low incomes.

There should be tax HIKES on corporatio­ns and the rich. There should be massive cuts to the military. Banks should be threatened with nationaliz­ation unless they begin lending to small businesses­. There have been more than 3.5 million home foreclosur­es but there are 11 million more in the pipeline — There must be principal write-down­s.

Democratic politician­s should be beating this drum and pushing the People’sBudget instead of working off of a set of corporate lobbyists’ plans. It reduces the deficit by $5.1 trillion and it beats Obama’s AND Republican­s’ plans.

As Krugman has said, the Progressiv­es’ budget:

“balances the budget through higher taxes and defense cuts, plus some tougher bargaining by Medicare (and a public option to reduce the costs of the AffordableCareAct). The proposed tax hikes would fall on higher incomes, raising the cap on payroll taxes (takes care of SocialSecurity’s solvency forever)..­. and unlike the Ryan plan, it actually makes sense.”

Read the Article at HuffingtonPost