Obama’s New Debt Ceiling Deal Will Hurt Blacks Most

“We have reached an agreement,” declared U.S. President Barack Obama during a packed press briefing at the White House Sunday night. In his brief announcement, Obama said the new deal to raise the debt ceiling “will allow us to avoid default and end the crisis that Washington imposed on the rest of America.”

Obama’s announcement, which came just hours before the government’s deadline for paying social security and EBT checks, reflected a positive uptick in the stock markets and a rise in the value of the dollar abroad.

But the black middle class — which is rapidly shrinking in America — will likely bear the brunt of the hefty tax increases that are sure to come as a result of the new deal.

While the dramatic resolution briefly lifted a cloud that had threatened the still-fragile economic recovery, critics said in the long run the middle classes would bear the brunt of the country’s massive debt, with increased taxes set to cover for the White House’s reluctance to cut public spending. Source

“It isn’t the greatest deal in the world,” said House Speaker John Boehner, “but it shows how much we’ve changed the terms of the debate in this town.” He added the agreement was “all spending cuts. The White House bid to raise taxes has been shut down.”

But experts warn that the 12-person bipartisan committee, which will meet to approve the agreement, could still opt to impose a hard-hitting tax hike, which would likely be a crushing blow to the black middle class.



 


45 Responses to “Obama’s New Debt Ceiling Deal Will Hurt Blacks Most”

  1. 1
    Redeemed777 says:

    The debt ceiling is not the only thing up your govts sleeve:

    they have other plans [ Truth777Exposed dot blogspot dot com ]

    Watch all 3 videos

  2. 2

    It’s been a known fact rich folk don’t, and rarely have ever, paid any taxes. :no:

    So it’s not like we haven’t endured this before.

  3. 3
    ValerieB1 says:

    Send me out another stimulus check Mr. President

  4. 4
    ValerieB1 says:

    @Redeemed I normally dont read anything you post but you are telling the absolute truth

  5. 5
    StillASassyOne says:

    The only way that things will be made fair is to either “join em” or “oust them.” :shrug:

    Most people are too lazy to do what needs to be done to make the change happen that they want to see, so I’d opt to join them. Being completely honest, if an opportunity is presented to me to get money like Wall Street even though it may be bankrupting thousands and causing an economic downturn for millions more….I’m taking the chance.

    Can’t beat the system from the outside wit just complaints…. :coffee:

  6. 6

    Man, I just don’t care™ says:

    It’s been a known fact rich folk don’t, and rarely have ever, paid any taxes.

    So it’s not like we haven’t endured this before.
    ______________
    :cosign:

  7. 7
    CookieMonsterZ says:

    The upper class still pays the most taxes, regardless of what percentage it is of their income. I made a habit out of reading this blog first thing every morning, but I am troubled by the consistent Obama-bashing that occurs. If you notice, both parties worked together to get a bill that makes neither side 100% satisfied. The *committee* is the one that may attempt to modify the deal. Furthermore, if the people that had turned out to vote for the presidential elections would have voted in the mid-term elections, the Republicans would not have taken over the House and there wouldn’t be so much conflict. And again, why is Obama expected to fix 8 years of damage in one term?? Damage is always easier to create than it is to fix. Woosahh. That is all.

  8. 8

    I guess I’m gonna have to start trickin…….

  9. 9
    LaTechGrad02 says:

    :cosign: Man, so true.

    This whole situation reminds me of a quote from Warren Buffett during a fundraising luncheon in 2007: “The 400 of us [here] pay a lower part of our income in taxes than our receptionists do, or our cleaning ladies, for that matter. If you’re in the luckiest 1 per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.”

    Mr Buffett said that he was taxed at 17.7 per cent on the $46 million he made last year, without trying to avoid paying higher taxes, while his secretary, who earned $60,000, was taxed at 30 per cent.

  10. 10
    Ty says:

    ValerieB1 says:

    Send me out another stimulus check Mr. President

    _________________________________________________________________________
    People think the stimulus was a free check :no: However, they sent us a stimulus check because they knew we would put it back into the system (which we did) and stimulate the economy. However, the following year, the same check is added to your yearly income and you were taxed on it. Im with Sassy, its time to join these greedy azz bastards! They won’t get me again phucking Wall Street :cuss:

  11. 11
    Redeemed777 says:

    @ValerieB1

    Most think that I’m just being mean, but the truth is that I want folks to know the Truth!!!

    I can’t stand to see folks blinded by a lie.

  12. 12
    Tatted Diva AKA The Makeup Maven says:

    LUSCIOUS LOLITA AKA SUGA WALLS says:

    I guess I’m gonna have to start trickin…….
    ~~~~~~~~~~~~~~~~~~~~~~~~
    :whistle:
    Eerbody Know It Ain’t Trickin’ If You Got It

  13. 13
    CookieMonsterZ says:

    Bush tax cuts played a huge role in causing the recession. Current House Republicans are trying to preserve that era as much as possible, although Obama already raised their taxes when he first arrived in office.

  14. 14
    StillASassyOne says:

    “…Mr Buffett said that he was taxed at 17.7 per cent on the $46 million he made last year, without trying to avoid paying higher taxes, while his secretary, who earned $60,000, was taxed at 30 per cent.”

    ————

    Exactly why I say it might be time to find a way to “join them” rather than continue losing by trying to “beat them.”

    They are NOT contributing to your employment anyway. Most of the richest people in America with companies are moving their operations overseas anyway. So either get with em…or rob em if you want to see a “difference.” Politics as usual is just not going to cut it.

    Sorry. :shrug:

  15. 15
    ValerieB1 says:

    @ Ty thanks..I did know that but at the moment it came it handy

  16. 16
    Ty says:

    CookieMonsterZ says:

    The upper class still pays the most taxes, regardless of what percentage it is of their income.
    _________________________________________________________________________
    That would be the sensible approach but that is what Boehner is in office to prevent. Middle class has carried this burden since Bush changed the taxes on upper class, oil companies, etc. We’ve been screwed every since because we (middle class) can fill the void/shortage. Obama wants to increase the taxes on companies and people that make more than $250k year and they (Repubs) wont let it happen. As far as the Obama degrading take it with a grain of salt. Auntie hasn’t realized that she is down here with us :coffee:

  17. 17
    LuvnMeIzEz2Do says:

    With sooo MUCH against us, the most logical thing, you would think BlackFolks would UNITE… But, we will never do that!!! Sad Story! SMH@us… Wish we would do better as a whole and LOVE one another, Support one another and Teach OUR future generations to Love, Support and BE BETTER than we are. What are we going to do with our future? and our future kids? We HAVE to do beter. We need to teach our future generations to love OUR people.

  18. 18
    ValerieB1 says:

    @ Redeemed
    Reading your post can seem like your coming off harsh or negative so its really in how you deliver the message. I dont think your mean and I know your delivering a message but take an easy approach or people wont listen at all

  19. 19
    Ty says:

    *correction*
    We’ve been screwed every since because we (middle class) can’t fill the void/shortage.

  20. 20
    Cinderella says:

    A lot of the very wealthy have been hiding money in overseas bank accounts to avoid taxation but the govt. goes after regular folks instead. They went after my mom for less than $3,000 dollars of unpaid taxes. You would have thought she owed millions.

  21. 21
    CookieMonsterZ says:

    Ty, thank you. I think because Obama has been in office for 3 years already, that people forget we are still feeling the effects of the Bush era. Now, we’re all stuck because the Repubs are controlling the House.

    And yeah, I was expecting an Obama post this morning after what happened last night. I knew it would be harsh, but geez. LOL. I’ll still be reading though. =)

  22. 22
    DMisses says:

    Fayla aka JuicyFruit says:

    Man, I just don’t care™ says:

    It’s been a known fact rich folk don’t, and rarely have ever, paid any taxes.

    So it’s not like we haven’t endured this before.
    ______________
    :cosign:
    ____________________________________________________________

    Prime example; Leona Helmsley when she said the little people pay taxes smh

    I agree with Cinderella, most of the rich folk who are sitting on landmines have their money locked away in Swiss banks

  23. 23
    JMO says:

    We won’t be able to progress until the rich are forced to pay taxes. I thought I read somewhere that even though they pay less taxes, after a certain income, the tax is capped at an even lower rate smh.

    Unfortunately, I don’t think we’ll ever get to that point because the rich have enough money to hire others to lobby on their behalf. We’re doomed because people won’t wake up but rather point the finger at President Obama because he won’t pull a magic trick and give everyone money and a job.

  24. 24
    bogart4017 says:

    Cosign cookiemonsterz!

  25. 25
    SweetP1984 says:

    I can’t possibly back a President who will allow the country to be held hostage economically by a tiny libertarian sect that is, in essence, a fad.

    President Obama, stand up for what’s right and quit being so damned terrified of the GOP.

    These politicians make me sick. I bet they won’t be effected if the government defaults. They’ll continue to collect their checks, and they’ll continue to prance around in their business suits, while we, the American people suffer tremendously. Ugh!

  26. 26
    SnootyPooty1 says:

    @ CookieMonsterZ.. OMG I agree with you 1000% if people would have voted in the mid-term elections the dems would still have control of the house. I dont even want to hear people complaining if they didnt go VOTE!!!!!

    The President should have acted when the dems did have control of the house.

  27. 27
    SnootyPooty1 says:

    @CookieMonsterZ… People seem to forget that Obama inherited part of this mess from Bush. Obama however did continue to spend money.

  28. 28
    Ty says:

    @ SweetP I agree with you to a certain extent. I do believe that Obama should stop trying to please everyone and pull rank like Bush did. Bush did whatever the hell he wanted to do with or without Congress and told us that we dont know whats best for ourselves.

    The first cut should’ve been the salaries in Congress until they get their shyt together.

  29. 29
    laterthannever says:

    “I can’t possibly back a President who will allow the country to be held hostage economically by a tiny libertarian sect that is, in essence, a fad. ”

    Well said SweetPea!!

  30. 30
    RoderickXYZ says:

    CookieMonsterZ says: The upper class still pays the most taxes, regardless of what percentage it is of their income.
    _________________________________________________________________________

    Well since the concentration of wealth has trickled up over the last 30 years that’s to be expected.

    If you account for inflation the wages of the lower 98% has decreased and people wonder why they can’t pay their regular bills, save for college for their kids, and save a little for retirement.

    I made a habit out of reading this blog first thing every morning, but I am troubled by the consistent Obama-bashing that occurs.
    ________________________________________________________________________

    Let me explain something. Until the Tea Party came along there was no call for reducing the debt/deficit. Bush started two wars and created Medicare Part D and put all three on a credit card.

    But suddenly we need to cut the deficit when the unemployment rate is almost 10% and who knows what the rate of underemployment is.

    Half of the stimulus was tax cuts which didn’t amount to crap because companies were laying people off to increase the bottom line, and even the lousy Republicans who claimed it didn’t work posed for pictures at projects funded by the stimulus.

    Now the Republicans are going to hammer Obama next year on unemployment which will probably be around 12% but it’s all Obama’s fault because he didn’t want to rock the boat by going gansta and invoking the 14th Amendment. Obama is a punk!!

  31. 31
    m9ser1 says:

    i was asked how the debt ceiling was going to effect me.. i said i was broke before and i’ll be broke after.. so no effect… if i stressed about how many times middle class catches a bad one from the gubment….i’d be on the street doing something strange for some change (it’s tax free)

  32. 32
    PrincipalShellz says:

    There is some TRUE IGNORANCE going on in here! Once again Diva, you have annoyed the living daylights out of me concerning OBAMA! EVEN MAHR last night…explained, that the issue coming to this agreement was based in blatant racism. The republicans are going with extreme right/tea party nonsense, that not even moderate Republicans back. If the middle class is hit the hardest, then you can blame the Republican party, and all this OBAMA blame demonstrates the need for the basic public to understand how CONGRESS WORKS! It is not the fault of the PRESIDENT…that a group of people were refusing to come to a bipartisan agreement, and make the same decision to increase the debt ceiling…that they made for the THREE WHITE PRESIDENTS THAT CAME BEFORE HIM! It’s been increased 74 times. Stop reading BLOGS, research some facts, and watch several different news stations. Take the information, and use your brain to develop your own perspective. DIVA…you are an OBAMA HATER…it’s deep seated, and it’s UGLY! For all those who want to criticize OBAMA…I guess you think McCain and PALIN…let me say that again…PALIN…would have done a better job of cleaning up BUSH’S 8 year MESS! Half of you talking don’t even know the points of the bill that each pary pushed so WHAT ARE YOU TALKING ABOUT? WHAT? Each side had different demands, so before you start placing blame, figure out who stood for what…because it’s the REBUBLICANS that wanted tax cuts and breaks for the wealthiest class.

  33. 33
    CookieMonsterZ says:

    Roderick says “If you account for inflation the wages of the lower 98% has decreased and people wonder why they can’t pay their regular bills, save for college for their kids, and save a little for retirement.”

    That’s a good point. Not to mention, the price of goods go up as well to make up for the decreased value.

    “Now the Republicans are going to hammer Obama next year on unemployment which will probably be around 12% but it’s all Obama’s fault because he didn’t want to rock the boat by going gansta and invoking the 14th Amendment.”

    Totally. But he is damned if he does, and damned if he doesn’t. I guess the bottom line for now is that the debt ceiling is raised and major programs are exempt from budget cuts. Yes, it is a deal that will not show immediate results, but at least there’s a better chance of preserving the economy as opposed to a default. As for the 14th Amendment, that was more of a back-up plan if Congress didn’t come up with anything before August 2nd. The only reason he would have used it anyways is to raise the debt ceiling and that is in the plan. The tax cuts were not a huge factor because they will expire in 2013, allowing for reform. I’m sure this will be used as an incentive for voters to keep him in office for another term.

  34. 34
    RoderickXYZ says:

    CookieMonsterZ says:

    Totally. But he is damned if he does, and damned if he doesn’t. I guess the bottom line for now is that the debt ceiling is raised and major programs are exempt from budget cuts. Yes, it is a deal that will not show immediate results, but at least there’s a better chance of preserving the economy as opposed to a default. As for the 14th Amendment, that was more of a back-up plan if Congress didn’t come up with anything before August 2nd. The only reason he would have used it anyways is to raise the debt ceiling and that is in the plan. The tax cuts were not a huge factor because they will expire in 2013, allowing for reform. I’m sure this will be used as an incentive for voters to keep him in office for another term.
    _________________________________________________________________________

    I believe that the tax cuts expire at the end of 2012 which means the Republicans will hammer Obama with raising the taxes next year anyway.

    And no Obama was not damned if he had waited until the last moment and invoked the 14th Amendment.

    The GOP and especially the Tea Party folks are bullies and terrorists and the only way you can meet crazy is with more crazy.

    Obama should have used the 14th Amendment and dared the House GOP to impeach him.

    Now that Obama has acquiesced to major cuts in no domestic programs there is no difference between him and the Republicans and Congressional Democrats actually have to run against Obama next year. Democrats really know how to fluck up *ish.

  35. 35
    CookieMonsterZ says:

    Snooty,
    True, he could have acted when they were still in office, but the first two years of his term were heavily focused on health reform. It was the Democrats way of making their stamp on the White House. He did keep spending, but in order to change budgets you have to get congressional approval. Or he could invoke the 14th Amendment, but that’s creating even more conflict than necessary. That basically greenlights the next president to do whatever he wants. In that case, we should hope that people vote again. If they are complaining now, imagine if a Republican were to be elected in 2012.

  36. 36
    RoderickXYZ says:

    Cookie, can you tell me what’s the difference between Obama and a Republican?

    He and the Democrats just signed a deal that cuts the size of government more than Ronald Reagan or any Republican before Obama could ever dream and Obama has continued all of Bush’s wars and terror policies so what’s the damn difference if McCain had been elected?

  37. 37
    CookieMonsterZ says:

    Roderick,

    He could have used it, but then what? A war in Congress. If he did that, and a Republican gets elected next year, I would leave the country. He is preventing cuts from Social Security and Medicare, among others. When he extended tax cuts he did maintain the same amounts for the wealthy, but at the same time he increased it for middle and lower classes. Many of whom did not notice.

  38. 38
    CookieMonsterZ says:

    One difference is that Obama is cutting defense spending, much to the dismay of the repubs. Didn’t he also close Guantanamo, and if I’m not mistaken he started to withdraw troops from Afghanistan.

  39. 39
    datsmdubya2u says:

    Sweetpea said:

    “I can’t possibly back a President who will allow the country to be held hostage economically by a tiny libertarian sect that is, in essence, a fad.”
    ———————-
    Well that fad got organized, got loud and marched on washington remember the healthcare reform protests? So now they control the debate.
    The president has taught them how to treat him. They will do this every single time something is up for debate. Most of the FAA is on furlough right now because the republicans are holding up funding unless rules are put in place to make it harder for them to organize. HAPPY FLYING!

  40. 40
    datsmdubya2u says:

    Didn’t he also close Guantanamo?

    __________________

    Nope that has been all but abandoned. Because he was fought every step of the way about what to do with the people being held there.

  41. 41
    datsmdubya2u says:

    @TY

    We’ve been screwed every since because we (middle class) can’t fill the void/shortage.

    ———————-

    are you sure you are middle class? A lot of people think they are middle class but in reality they are working class or working poor. I feel im working class but barely hanging on. True middle class people can pay for food, clothing, shelter, utilities and transportation and have something left to save. I say if a family gets disconnect notices for utilities on a regular basis and/or have nothing left after paying for basics they are not middle class.

  42. 42
    laterthannever says:

    In addition datsmdubya2u, individuals that truly qualify as “Middle class” can survive at least 6 months at their current spending if their income source was eliminated.

    I heard a really great story asking the same question that you did a few months ago. SO many people self identify as Middle Class but are very much working poor. And this isn’t about, “I’m balling and you’re not.” Until you have a realistic understanding of your fiscal standing, you can’t effectively plan how to improve or maintain it.

    Great conversation today!

  43. 43
    datsmdubya2u says:

    @laterthannever

    laterthannever says:

    In addition datsmdubya2u, individuals that truly qualify as “Middle class” can survive at least 6 months at their current spending if their income source was eliminated

    —————–
    You’re right that’s the number one criteria how can i forget that?

    :smack:

  44. 44
    CookieMonsterZ says:

    Mdub/Later,

    I agree. The middle class is slowly fading into non-existence.

  45. 45
    Jay Bee says:

    last days.. it doesn matter whos in office.. Vengence is mine saith the lord..this all has to come to past #repent

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