by Tyler Durden
...That would be the far more important cliff to America's middle class, the "
Welfare Cliff" as a result of which the country's workers, especially those that fall in Obama's middle class
sweet spot - those tens of millions earning between $30,000 and $70,000, are
perfectly agnostic if they make $29,000 or $69,000 as their net income and benefits amount to one and the same. Because being "
aspirational and upwardly mobile"
is so 1999, especially in a nation where it is more important to drag
down the rich, than to become them. But hey - just toss this one too in
the bin of perverted statist disincentives, along with all those other
unintended consequences of central planning and a governmental power
grab, not the least of which is the
misallocation of trillions to satisfy immediate shareholder demands such as dividends and buybacks in a ZIRP world, instead of
actually reinvesting in capital, growth, and hiring of workers: those things that capitalism, at least on paper, used to be all about.
http://www.zerohedge.com/news/2013-01-01/meanwhile-americas-other-cliff-remains-untouched
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