In the midst of the worst economic downturn since the Great Depression, these powerful forces and virtually all Republicans have been working on a so-called “deficit reduction” plan that cuts Social Security, Medicare, and Medicaid, while lowering tax rates for the wealthy and large corporations. Sadly, some Democrats are also engaged in this effort and it’s coming to a head right now!
Here’s what’s at stake in what we’re calling the “Fiscal Showdown”:
- Ending the Bush tax cuts for families earning more than $250,000 annually.
- No cuts to Medicare, Medicaid, and Social Security benefits.
- No cuts to vital services for low-income people.
Remember that we’ve already given Wall Street bankers $700 billion in TARP bailouts and $2.5 trillion in investments, loans, and guarantees to shore up their business (and outrageous bonuses).  And we’ve been repaid with 16 million underwater households (31 percent of all homeowners)  and 8 million families in some stage of the foreclosure process. 
It also turns out our tax system is already so biased that we also gave Wells Fargo $21.6 billion in tax subsidies from 2008-2011. Billion with a “b”.  The Fiscal Showdown is where we stand up and say, “No More!” We need a system that works for all Americans, not just the rich and powerful and their corporations.