AMAC Warns A Perfect Storm of Financial Chaos is Months Away

PRLog (Press Release) - May 25, 2012 - BOHEMIA, NY – “We’re just months away from a devastating, new financial tempest and Congress just sits there watching the gathering clouds,” warned Dan Weber, president of the Association of Mature American Citizens.

It’s a perfect storm that’s coming, consisting of a half-billion-dollars’ worth of expiring tax cuts and the onset of 18 new Obamacare tax hikes, Weber explained.  “All because Harry Reid and his recalcitrant Senate Democrats stubbornly refuse to allow consideration of a much-overdue budget.  

“Think about it.  It’s been three years since the Senate passed a budget, something they are required to do by law.  Some speculate that any budget that comes to the floor for a vote might contain elements distasteful to the left and, thus, could negatively impact President Obama’s reelection campaign.  Inaction, however, will certainly result in financial chaos.”

The House passed a budget bill some time ago.  It is based on a plan offered by the bipartisan National Commission on Fiscal Responsibility and Reform.  That Bowles-Simpson plan, as it is known, was designed to “improve the fiscal situation in the medium term and to achieve fiscal sustainability over the long run" by putting a legislative focus on tax reform and spending cuts.

“The president created the commission two years ago but, apparently, it was too fiscally responsible for his taste,” Weber opined.  “Since then, he has avoided the topic of spending cuts, instead calling for tax hikes.”

Washington insiders have tagged what will begin happening after the first of the year, “taxmageddon” because of the serious implications for the economy if all those tax increases are allowed to occur.  Some believe that it could bring on a new recession—one more shattering than the one that occurred during Mr. Obama’s first term in office.

“It will impact the lives of all Americans, particularly seniors.  Political leaders from both parties must take action on these serious problems. Our members are demanding it and if those running for office continue to ignore the needs of our nation the voters are sure to remember in November,” warned Weber.  

NOTE TO EDITORS: Dan Weber is available for telephone interviews on this issue and other topics important to older Americans.  Please contact John Grimaldi at jpgrimaldi@verizon.net to set up a chat.

ABOUT AMAC
The Association of Mature American Citizens [http://www.amac.us] is a vibrant, vital and conservative alternative to those traditional organizations, such as AARP, that dominate the choices for mature Americans who want a say in the future of the nation.  Where those other organizations may boast of their power to set the agendas for their memberships, AMAC takes its marching orders from its members.  We act and speak on their behalf, protecting their interests, and offering a conservative insight on how to best solve the problems they face today.