On the first day of the 2013, Congress passed a legislative compromise to address the so-called ‘fiscal cliff,’ while setting the stage for Round 2 of an ongoing Fiscal Showdown.
The legislation includes some significant victories, including raising tax rates on the very wealthy (household income above $450,000) for the first time in 20 years, extending unemployment benefits, and preserving tax credits for middle class and poor families.
These victories would not have been possible without the relentless grassroots organizing across the country to demand that the wealthy pay their fair share to help fix the economy.
However, instead of forging a permanent solution to avert scheduled automatic budget cuts known as ‘sequestration,’ the legislation simply delayed those cuts for two months, setting up a second round of the Fiscal Showdown.
Because of right-wing extremists, the legislation does not raise sufficient revenue to protect Medicare, Medicaid and Social Security from the looming threat of cuts as the Fiscal Showdown enters Round 2.
This fiscal patch simply does not go far enough to require the wealthy and large corporations to pay their fair share.
That’s why at the Alliance for a Just Society and our affiliates across the Country, one of our New Year’s Resolutions is to redouble our efforts to protect and strengthen Medicare, Medicaid and Social Security while making the wealthy and large corporations pay their fair share to help fix the economy.
Happy New Year. Let’s get to work.