Remember the neoliberalism of "Reaganomics" was an ideology that is also carried out from America in Germany-with all its consequences from deregulation of the banking sector and the labor market and the change from market economy to market society up to the rule of financial management. American society became dramatically extreme in the last years.
Tax cuts for the rich do not lead to economic growth or lower unemployment. Profits soar while wages have stagnated for 30 years. Lower taxes and lower wages mean lower demand and lower employment. FDR created 4 million jobs in 1934, built 650,000 public buildings and 1700 bridges. As George McGovern emphasized, Obama needs to create a WPA since the private sector refuses.
Literally the day after the election a sudden “urgency” gripped the nation: the imminent danger of the so-called “fiscal cliff” — the national automatic tax increases and spending cuts due in January. The media screamed that the suddenly approaching fiscal cliff would trigger a recession, forcing Democrats and Republicans to consider a “grand bargain” budget deal to avoid disaster.