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Have You Heard About The “Fiscal Cliff”?

Posted by Bruce Carroll at 3:00 pm - August 8, 2012.
Filed under: Economy

Head on over to Patriot Consulting for the full blog posting

But here’s a tempting and scary quote from the Associated Press:

The cliff is the prospect of the Bush-era tax cuts expiring Jan. 1 and the automatic spending cuts occurring at the same time. Most economists fear that a combination of higher income taxes on virtually everyone and a simultaneous big drop in government spending would plunge a still fragile economy back into recession.

-Bruce (GayPatriot)

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6 Comments

  1. Since the Deadline is after the Elections, the Senate and House Members have no incentive to do anything beyond campaign posturing. Pres. Obama certainly isn’t going to stick his neck out before the Elections.

    …And the Deadline falls during the Lame Duck recess BEFORE the new Congress is sworn-in.

    Comment by Ted B. (Charging Rhino) — August 8, 2012 @ 3:10 pm - August 8, 2012

  2. No, but I have heard of Jimmy Cliff, and Cliff Richard.

    Comment by sonicfrog — August 8, 2012 @ 5:36 pm - August 8, 2012

  3. The Republicans supported the cuts in spending because there’s a huge freakin deficit. They created the cuts in spending by voting for them.

    The Bush Tax Cuts were scheduled to expire, so no one took any action to raise taxes, anyway. If you look at the policy and think that the current tax rates are the right policy, then you should take action to extend them. Congress didn’t take action to do so (in part because having the rates this low is bad policy), so, again, that’s something that was explicitly planned and isn’t “scary” or anything.

    In short, both policies were absolutely predictable and are in fact the right policies. We should be celebrating the misleadingly-named “fiscal cliff.”

    Comment by John — August 9, 2012 @ 12:43 am - August 9, 2012

  4. To summarize: If Republicans are so scared that spending cuts will trigger a “fiscal cliff,” why do they keep arguing for spending cuts? Stop attacking the GOP’s policy to reduce the national debt.

    Comment by John — August 9, 2012 @ 12:45 am - August 9, 2012

  5. The tax hikes will cause the damage even with the cuts in spending(as any sane economist knows we need some massive cuts in govt spending.) The real damage in the Govt cuts is the dems will make sure they are in vital areas and will hide the budgeting for nonsensical programs.

    Comment by JP — August 9, 2012 @ 2:05 am - August 9, 2012

  6. One of the many problems with the way the cuts are structured is that 50% of the cuts come from the military, which is only 16% of the Federal Budget. Why must the military be gutted when the rest of the Federal Bureaucracy is so lavishly funded they’re throwing million-dollar parties in Vegas for themselves?

    Comment by V the K — August 9, 2012 @ 7:05 am - August 9, 2012

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