Annual Tax Increase = $62 Billion
2011 Budget Deficit = $1,089 Billion
This graphic from Zero Hedge says it all:
The cliff is still there, and we have gone over it. Nothing has been solved.
The much-lauded deal is nothing more and nothing less than smoke and mirrors.
$1 in Spending Cuts for Every $41 in Tax Increases:
...[T]he 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.Meanwhile, Obama has resumed his Hawaiian vacation — at an additional $3 million cost to the taxpayers.
When Presidents Ronald Reagan and George H.W. Bush increased taxes in return for spending cuts—cuts that never ultimately came—they did so at ratios of 1:3 and 1:2.
USA'S "CLIFF DEAL" IS LIKE THE EU'S GREECE DEAL: A CHARADE