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SPEAK OUT: Will the US Go Over the Fiscal Cliff?

A Dec. 31, 2012, deadline looms for Congress on a number of significant financial issues.

Now that the election is over, the most prominent problem facing the U.S. government is the “fiscal cliff.” You may have heard or seen the term in recent media coverage, but what, exactly, does “fiscal cliff” mean?

If Congress fails to act, on Jan. 1, 2013, a number of financial policies will either expire or initiate, including $7 trillion worth of tax increases and spending cuts over the next 10 years.

Some of the agencies and programs affected include: Defense cuts, air travel safety and food inspection cuts, income tax rates, the estate tax, marriage penalty relief, child tax credit, the alternative minimum tax, a drop in Medicare reimbursements, small business tax breaks and more.

How do you feel about the country potentially going over the fiscal cliff?

Mark Bennett November 09, 2012 at 08:35 PM
It already has gone over the cliff. Remember that when a person's parachute fails to open it is not the fall that usually kills them, it is the sudden stop. Within 18 months, the US economy will crash like never before and it will make the 1930's look like a lavish picnic. Thanks to the likes of Bush and Obama, the USA can never recover. The total debt obligation of the USA makes every citizen owe about $300,000. How can we repay that? We cannot. It will not happen. We will never really repay the Chinese except perhaps in worthless Monopoly-type money printed by the Federal Reserve. This will lead to hyper inflation and perhaps $10,000 per gallon gasoline. About $0.43 of every dollar the federal government spends is borrowed. When the lenders realize that it is impossible for Uncle Sam to ever repay its debts, the lending will stop and the federal government will instantaneously experience a 43% reduction in size. Payments to states will stop, unemployment will reach 80% and there will be mass starvation, fuel shortages and riots in the streets. Thanks all of you Robama and Obamney voters. Thanks a lot.
Thomas Liberty November 09, 2012 at 09:55 PM
To most, their subsidy is more "neccesary" and "just", then the other guy's - So, everyone compromises what's right for a free and civil society, in order to get their government handout. Until people understand the consequences of their selfishness, and we will continue to be less free, and our nation will continue to decline until we reach a state that Mark Bennett refers to.
Jeff Money November 10, 2012 at 02:09 AM
A great man named John F Kennedy said, ( Don't ask what your country can do for you, but rather what you can do for your country). Apparently half of this country feels the country owes them something and the other half should foot the bill.

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