"Taxing the wealthy and big bussiness has never ever worked. They just lay off people"I cannot wait for us to plunge off the fiscal cliff. I have a modest amount saved and am self employed. The damage to the economy will belong to the socialist in charge. The people dependent on the goverment will suffer. Obama is trying to run this Nation based on the model California has put in place. Now mind you California is broke, busted, over and done. Gov. Moonbeam himself has said they are buying time and waiting on a miracle (governemnt bailout). Taxing the wealthy and big bussiness has never ever worked. They just lay off people. So buckle up folks, we are heading off the cliff. We will have a depression that will last a few yars then we can re-build from that. A slim majority voted in November(52 to 48% is far from a mandate) to embrace the cliff. You ask for it Amerca, you got it. Hold on!
I bet Ronald Regan would disagree with that statement.
In August 1982, the unemployment rate hit 10.1 percent, while mortgage rates hovered near their all-time high at 15 percent. Reagan's tax cuts had had a year to stimulate the economy, but they had not done so.
So Republicans in Congress and some members of his own administration convinced Reagan to agree to a $98.3 billion tax increase, the largest peacetime increase in history.
n Aug. 17, 1982, while a House-Senate conference committee was working out final details with White House support, and it became clear that the tax bill would become law, the Dow Jones industrial average responded with its single biggest one-day leap ever—a 4.9 percent gain, the equivalent of a 600 point gain today.(The actual gain was 38.81 points, pushing the Dow Jones above the 800 mark to 831.24. And it marked the beginning of the bull market.
Reagan signed the tax increase on Sept. 3, 1982. A few months later the economy roared to life as well.