The impending Age Of Abundance was prophecied in the scriptures thousands of years ago.
In short, the fiscal cliff was “averted” the way that Jay-Z “retired” in 2003.
the ugly fiscal arithmetic and political dysfunction that produced the cliff in the first place will remain...... A deal nearing completion in the Senate would make permanent the tax cuts first enacted by George Bush in 2001 and 2003 and due to expire on December 31st, except for the wealthy. The marginal rate for individuals earning more than $400,000 and couples earning more than $450,000 would rise from 35% to its pre-2001 rate of 39.6%, while deductions would be curbed for some people earning as little as $250,000. Estate taxes would go up, but not to pre-2001 levels, while rates on capital gains and dividends, now 15%, would go up to 20%, still less than their pre-2001 levels. Tax credits for families, workers and college students first introduced in Mr Obama’s stimulus plan will be extended for five more years. ...... Republicans, because they are being asked to approve the first increase in tax rates in two decades while getting no spending cuts in return. (Update: the senate approved the agreement early Tuesday by a vote of 89 to 8. The house approved it late Tuesday 257 to 167, with 85 Republicans joining nearly all the Democrats.) ..... It leaves in place significant short-term austerity while doing nothing to change the long-term trajectory of debt. It doesn't reform taxes or entitlements. And it doesn't deal with several key components of the cliff. ...... For his part, Mr Boehner never seemed sure of what his own members could accept, which made for unproductive negotiating sessions ...... Higher taxes on the rich will reportedly raise about $600 billion over a decade, an “inconsequential” sum, noted Bob Corker, a Republican senator. Indeed, it is almost a rounding error against a ten-year projected deficit of $10 trillion on current policies, or 5% of GDP. “The fact that the president won’t challenge his party on spending cuts is disgusting,” said Steven LaTourette, a Republican congressman.
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| Image via CrunchBase |
Last year, your correspondent was one of the millions who hoped an iPad would meet all his online needs. He was thrilled with everything about the device except its size. After a month of ownership, he went back to taking a laptop on his travels. The iPad has since been relegated to doing casual duty in the living room...... one cannot help but think that the late Steve Jobs—had he ever been persuaded (doubtful) to bless a four-fifths-sized iPad—would not have allowed the Mini out of the door in its present state. Nor, for that matter, would he have permitted a half-baked product like Apple Maps to see the light of day. Perhaps there is some truth in the claim that, in the absence of Jobs, Apple is now more interested in litigation than innovation. If so, it is a sad day for all who have championed the company for its creativity and pursuit of excellence. ..... In the meantime, the Nexus 7—with its flawless multitasking, top-notch notification scheme and more than adequate apps—will do just nicely, thank you.
