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Critics warned Obama's [[economic planning|economic plan]] would create massive [[unemployment]] and a [[recession]]. Obama repeatedly claimed tax increases on the rich would pay for his plan, and [[Republican]]s compromised by voting for tax increases for the first time in two decades. As part of the deal, Obama's sequester cuts were delayed 60 days to avoid the inevitable [[fiscal cliff]] of his plan.
Critics warned Obama's [[economic planning|economic plan]] would create massive [[unemployment]] and a [[recession]]. Obama repeatedly claimed tax increases on the rich would pay for his plan, and [[Republican]]s compromised by voting for tax increases for the first time in two decades. As part of the deal, Obama's sequester cuts were delayed 60 days to avoid the inevitable [[fiscal cliff]] of his plan.
The Obama plan called for immediate cuts totally $85 billion to be divided equally between defence spending and programs such as [[Medicare]] and [[Social security]] for the remainder of fiscal year 2013. On the employment side, defence cuts are reflected in lost [[payroll]]s totalling half of the [[sequester]], or $42.5 billion; this is essentially $10,000,000 ''per hour'' in reduced payroll spending by the federal government for individuals employed mostly as civilian contractors. Many will see permanent jobloss. A ripple effect, or "trickle down" effect will been seen soon thereafter in lesser paying retail positions.
The Democrats are said to be planning calls for extended unemployment benefits and [[infrastructure]] projects, which is of course, what the massive [[Obama deficits]] were created to alleviate in his first term and the cause of the sequester. Infrastructure projects do nothing to solve the underlying problem of unemployment, leaving workers unemployed again once government funding runs out or the project is completed. Likewise, extended unemployment benefits do nothing to address the problem of job creation.
[[Category:Obama administration]]
[[Category:Obama administration]]
[[Category:Man made disasters]]
[[Category:Man made disasters]]