Monday, November 12, 2012

The Looming Fiscal Cliff: President Obama’s Greatest Challenge?

Can newly reelected US President Barack Obama make a timely executive action to solve the looming Fiscal Cliff that could plunge America into another economic recession?

By: Ringo Bones

With reelection results that revealed a now highly politically polarized America, newly reelected President Obama could have his power seeped away from him if he doesn’t do a timely executive action to avoid the looming Fiscal Cliff that could not only plunge America into another economic recession, but could also increase the unemployment rate back to over 9 percent. With a seemingly insurmountable partisan divide between the president’s own party and the Republican controlled Congress, will President Obama succeed in solving his greatest political challenge of his second term – namely the looming Fiscal Cliff?

With less than two months to reach across the partisan divide between Democrats and Republicans, the Fiscal Cliff might well be President Obama’s greatest challenge of his second term in office. The U.S. government budget’s 2013 Fiscal Cliff – also known as the U.S. Fiscal Cliff – refers to the effect of a series of enacted legislations, mostly during after the U.S. Republican Party took over Capitol Hill back in 2010, which if unchanged, will result in tax increases, spending cuts and a corresponding reduction in the budget deficit. These laws include tax increases due to the expiration of the Tax relief, Unemployment Insurance Reauthorization and the Job Creation Act of 2010 – not to mention the spending reductions / sequestrations under the Budget Control Act of 2011.

Just days after President Obama was reelected, Wall Street got spooked with a biggest sell-off that set back the DOW back to July 2012 levels. And leading credit rating agencies are threatening to reduce America’s Triple-A credit rating if both Democrats and Republicans can’t reach a consensus before the January 1, 2013 deadline in formulating a “streamlined” U.S. Government Budget with a lower deficit than before. Well, 600 billion US dollars worth of taxes and spending cuts are at steak and President Obama and the rest of the Democrats – especially in the US Senate – will only work across the partisan political divide if there are tax increases for the top 1 per cent of America who now controls over 90 percent of the wealth. That alone could serve President Obama’s greatest challenge for his second term in office.

Monday, November 5, 2012

Did Mitt Romney’s Politics Started A Meningitis Outbreak?

As the US Republican Party often extolled the advantages of a small government and minimal to nonexistent Federal regulatory oversight as the foundation of the American economic prosperity, did it backfire this time? 

By: Ringo Bones

Sometimes I wonder if the meningitis outbreak inadvertently started by Mitt Romney can be handled by OBAMACARE – but did the US Republican Party’s obsession over the “perceived advantages” of a small and non-intrusive Federal government inadvertently placed public health – and even public safety at risk? Well, this is probably a textbook example.

During the days of his stint as Governor of Massachusetts, Mitt Romney stoically stood by the GOP party line of a minimal to nonexistent Federal government intrusion and/or oversight on private business activity is the very foundation that made the American economy the envy of the whole world. Unfortunately, with nary an oversight – not even a minimally lax one - from the U.S. Food and Drug Administration on New England Compounding Co., a Massachusetts based pharmaceutical company managed to manufacture and stock meningitis contaminated operating-room surgical theatre drugs that had recently been traced as the source of the recent meningitis outbreak. Did the GOP’s politics betray the now US Republican Party presidential hopeful Mitt Romney during his stint as the Republican governor of Massachusetts?

Well, many now an undecided voter weary of OBAMACARE are now starting to wonder if “ROMNEYCARE” is even worse due to the former Massachusetts governor’s politics inadvertently starting a meningitis outbreak by putting company profits above public health and public safety precedents. This proverbial “October Surprise” might have been overshadowed by the tragic wake of Superstorm Sandy – but could this issue swing the scores of undecided voters in President Obama’s favor this coming 6th of November? Or will this be just another trivial factoid of the 2012 US Presidential Race?