Unemployment Ticks up to 7.8%, a Meager 155K Jobs Created, Debt at $16.4 Trillion and Obama is on Vacation

WELCOME TO THE NEW OBAMA JOBS NORMAL …

The Obama jobs recovery still pathetic … only 155,000 jobs created in December 2012 and the unemployment rate ticked up to 7.8%. Get used to it America, this is what you wanted and this is what you are going to get. The reelection of Barack Obama will mean more of the same, a lackluster economy and a $16.4 trillion debt and getting higher every second. We have more people on unemployment longer than ever before. Its almost like being on unemployment is an Obama job. We have more people on food stamps and disabilities than ever before. Jobs be damned. This is what you voted for, more of the same. Don’t worry America, your president is hard at work fixing the problem. NOT! Actually he flew off to Hawaii again for yet another vacation but not after raising taxes.

U.S. employers added 155,000 jobs in December, a steady gain that shows hiring held up during tense fiscal cliff negotiations in Washington.

The solid job growth wasn’t enough to push down the unemployment rate, which stayed 7.8 percent last month, according to the Labor Department’s report Friday. November’s rate was revised higher from an initially reported 7.7 percent.

Stock futures rose modestly after the report was released.

Robust hiring in manufacturing and construction fueled the December gains. Construction firms added 30,000 jobs, the most in 15 months. That likely reflects additional hiring needed to rebuild after Superstorm Sandy and also solid gains in home building that have contributed to a housing recovery.

Manufacturers gained 25,000, the most in nine months.

Even with the gains, hiring is far from accelerating. Employers added an average of 153,000 jobs a month last year, matching the monthly average in 2011. Employers added 1.84 million jobs in 2012, the same as the previous year.

Protecting the Middle Class? US Senate Bill Will Increase Taxes on 77% of US Households

Who is to blame for this America, Republican politicians, Democrats, Independents? No … you are America, you were foolish enough to reelect Obama and create a czar.

The fiscal cliff bill was supposed to save the middle class from tax hikes and was supposed to only punish the so-called rich. At least that is what was said by Obama and Democrats. Since when has Obama ever told America the truth? As reported at Bloomberg, the bill that passed the US Senate today will increase taxes on 77.1% of American households.

The budget deal passed by the U.S. Senate today would raise taxes on 77.1 percent of U.S. households, mostly because of the expiration of a payroll tax cut, according to preliminary estimates from the nonpartisan Tax Policy Center in Washington.

More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said. A 2 percent payroll tax cut, enacted during the economic slowdown, is being allowed to expire as of yesterday.

The heaviest new burdens in 2013, compared with 2012, would fall on top earners, who would face higher rates on income, capital gains, dividends and estates. The top 1 percent of taxpayers, or those with incomes over $506,210, would pay an average of $73,633 more in taxes.

Much of that burden is concentrated at the very top of the income scale.

The top 0.1 percent of taxpayers, those with incomes over about $2.7 million, would pay an average of $443,910 more, reducing their after-tax incomes by 8.4 percent. They would pay 26 percent of the additional taxes imposed by the legislation.

Among households with incomes between $500,000 and $1 million, taxes would go up by an average of $14,812.

What a Joke … Senate Fiscal Cliff Deal Will Add $4 Trillion to National Deficit

Another Obamaination … Wasn’t the point of passing a bill to save us from the fiscal cliff supposed to lower federal deficits and the national debt? 

As reported at The Hill, the US Senate deal to avoid the “fiscal cliff” will add roughly $4 trillion to the deficit when compared to current law, according to new numbers from the Congressional Budget Office (CBO). What a complete an utter joke. The CBO says the Senate budget agreement will lead to an overall increase in spending of about $330 billion over 10 years. How does this save us from the fiscal cliff? This is what happens when you add a tax on the so-called rich as some means of fixing the problem, when it was nothing more than a lie from Obama and Democrats. Spending cuts need to be made and changes in SS, Medicare/Medicaid and other entitlement programs..

The CBO determined Tuesday that the package, hammered out late Monday evening by Vice President Biden and Senate Minority Leader Mitch McConnell (R-Ky.) would — over the next decade — come with a $3.9 trillion price tag.

The agreement, which is pending before the House after passing in a 89-8 Senate vote early Tuesday, would extend lower tax rates on annual household income under $450,000 and postpone automatic spending cuts for two months.

The extension of lower tax rates for a bulk of the nation’s taxpayers and the addition of a permanent patch to the alternative minimum tax would add roughly $3.6 trillion to the deficit over the next decade, the CBO said. Other individual, business, and energy tax extenders would add another $76 billion.

Any Republican who votes for this needs to be primary challenged in 2014. This is all just a bad joke and you made it happen America last November by reelection Barack Obama. I hope you are proud of yourselves.

US Senate Passes Fiscal Cliff Plan With Tax Hikes and No Cuts in Spending 89-8

Early this morning the US Senate passed a “fiscal cliff” plan that was all tax kikes and no spending cuts by a vote of 89-8. The only nay votes were Bennet (D-CO), Carper (D-DE), Grassley (R-IA), Harkin (D-IA), Lee (R-UT), Paul (R-KY), Rubio (R-FL), Shelby (R-AL). The following did not vote, DeMint (R-SC), Kirk (R-IL), Lautenberg (D-NJ). This bill was all taxes and no spending cuts. Hardly a balanced approach that was claimed by Obama. As reported at Breitbart, FISCAL CLIFF DEAL: $1 IN SPENDING CUTS FOR EVERY $41 IN TAX INCREASES!!!

According to the Congressional Budget Office, the last-minute fiscal cliff deal reached by congressional leaders and President Barack Obama cuts only $15 billion in spending while increasing tax revenues by $620 billion—a 41:1 ratio of tax increases to spending cuts.

The grossly imperfect bill was supposed to prevent the US from going over the so-called fiscal cliff; however, it does not grow the economy, lower the debt or prevent taxes on the middle class. Get ready middle class for an increase in taxes as  the final deal did not include an extension of the payroll tax holiday.

Under the compromise arrangement, taxes would rise on income above $400,000 for individuals and $450,000 for households, while exemptions and deductions the wealthiest Americans use to reduce their tax bill would face new limits. The accord would also raise the taxes paid on large inheritances from 35% to 40% for estates over $5 million. And it would extend by one year unemployment benefits for some two million Americans. It would also prevent cuts in payments to doctors who treat Medicare patients and spare tens of millions of Americans who otherwise would have been hit with the Alternative Minimum Tax.

The middle class will still see its taxes go up: The final deal did not include an extension of the payroll tax holiday. And the overall package will deepen the deficit by hundreds of billions of dollars by extending the overwhelming majority of the Bush tax cuts. Many Democrats had opposed those measures in 2001 and 2003. Obama agreed to extend them in 2010.

AMERICA, GET READY TO GET TAXED TO DEATH.

Sen. Joe Lieberman (I-CT) Says No Fiscal Cliff Deal Tonight … “I think the parties are much farther apart than I hoped they’d be by now”

Deal or no deal … it would appear that there is no deal.

As reported at the Washington Post, according to Sen. Joe Lieberman (I-CT) there is no deal as of yet and he would be shocked if there would be tonight as the two sides are further apart than he had hoped. They truly plan on taking this down to the last second. Of course one has to wonder how Congress can be having a fiscal cliff negotiation when none of what they are discussing reduces the US debt. It’s all just about tax increases and punishing the so-called rich.

Asked as he left a meeting of the Senate Democratic caucus whether a deal would be struck today, Sen. Joseph I. Lieberman (I-Conn.) replied: “No, I’d be shocked. I think the parties are much farther apart than I hoped they’d be by now, and that the country thought they’d be when negotiations started on Friday.”

DOW futures are at -226.