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Fiscal Cliff Jumping

November 08, 2012

What's a fiscal cliff?

It's the term being used to describe a possible perfect storm of economic calamities that the United States is currently on track to hit in the near future.

A series of tax cuts – some of which date back as far as the George W. Bush presidency – are about to expire.

Most of the so-called "Bush tax cuts" were targeted at the ultra-rich, but a payroll tax cut is also set to end, which will mean a two per cent tax hike for all salaried workers. The first round of taxes related to Obama's health care plan become law and will also kick in.

 
 
 

THE CHOPPING BLOCK

This bad news is all happening against the backdrop of SPENDING CUTBACKS that Obama agreed to over RAISING THE DEBT CEILING in the spring which are coming into effect. As many as 1,000 government programs are on the chopping block.

The end of tax breaks is going to mean less money in real people's pockets. If U.S. consumers start spending less as government spending dries up, it could be push the world's largest economy over the edge and back into recession – hence, jumping off the 'fiscal cliff.'

"The Fiscal Cliff is – simply put – the biggest tax increase [and] spending cut in history," money manager Leon LaBrecque of investment firm LJPR said recently. "It's a colossal mess."

 

JANUARY 1ST DEADLINE

January 1st. That's the date when laws dictate that all of the tax changes and spending cutbacks are automatically mandated to go into effect.

Like the rising water levels in the sinking Titanic, America's debt ceiling is approaching the recently-raised debt ceiling within the next few months. Obama must agree to raise the debt ceiling again to avoid defaulting and drowning.

Isn't it amazing how the bankster owned media created just enough economic voter optimism with "fudged" statistics to put Obama back in the White House? Isn't it amazing how they postponed talk of the Fiscal Cliff that obama has led the people to.

 

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