It would help if you would either quote someone or mention their name when posting to someone. Why, because your posts are some vague it's hard to tell who or what you're referring to, and sometimes off topic, like your post #7.
It would help if you would either quote someone or mention their name when posting to someone. Why, because your posts are some vague it's hard to tell who or what you're referring to, and sometimes off topic, like your post #7.
You dont understand the package do you?
http://en.wikipedia.org/wiki/Fiscal_...e_fiscal_cliff
Current laws leading to the fiscal cliffThe following provisions of current law are most involved in the fiscal cliff:[10][11]
- Expiration of the Obama tax cuts provided for in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010;
- Across-the-board spending cuts ("sequestration") to most discretionary programs as directed by the Budget Control Act of 2011;
- Reversion of the Alternative Minimum Tax thresholds to their 2000 tax year levels;
- Expiration of measures delaying the Medicare Sustainable Growth Rate from going into effect (the "doc fix"), most recently extended by the Middle Class Tax Relief and Job Creation Act of 2012 (MCTRJCA);
- Expiration of the 2% Social Security payroll tax cut, most recently extended by MCTRJCA;
- Expiration of federal unemployment benefits, most recently extended by MCTRJCA and
Without new legislation, these provisions will automatically go into effect on January 1 or 2, 2013, except for the Alternative Minimum Tax growth, which may be changed retroactively. Some provisions will increase taxes (the expiration of the Bush and FICA payroll tax cuts and the new Affordable Care tax and AMT thresholds) while others will reduce spending (sequestration, expiration of unemployment benefits and implementation of the Medicare SGR).[10]
- New taxes imposed by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010.
Last edited by truthmatters; 11-11-2012 at 12:31 PM.
That has to do with supposed measures to stop us going over the cliff, but your topic question was not that but, and I quote, "what happens IF we go over the cliff?" Why'd you ask that if you want to discuss something else?
roadmaster (11-11-2012)
http://money.cnn.com/2012/08/22/news...ex.html?iid=EL
If all the policies are allowed to go into effect, the CBO projects that the economy, as measured by GDP, will shrink by 0.5% between the fourth quarter of this year and the fourth quarter of next year. Unemployment, currently 8.3%, will rise to 9% in the second half of 2013. The CBO's forecast for 2013 has worsened since May, when it first forecast the fiscal cliff would cause a recession.
The fiscal cliff would, however, improve the deficit picture greatly. The CBO forecasts the deficit will hit $1.1 trillion this year -- or 7.3% of GDP. But for 2013, it would fall to $641 billion, or 4% of GDP under the fiscal cliff. That would represent the biggest single year drop in the annual deficit as a percent of the economy since 1969.
If it reduces the deficit why would it cause a reccession?
"what happens IF we go over the cliff?" was the question I answered. See post #5.
But if your question is "what happens IF we DON'T go over the cliff?" then that's a different matter.
It is not whether we go over the cliff, but when. Only a complete delusional fool thinks that we can continue with trillion dollar deficits and war on small business people from the Obama administration and not go over the cliff.
Sooner the better and less painful.
The cliff isn't a cliff. It doesn't cut one penny. It only spends less than projected.
The cliff is coming through our increased debt spending and the possibility of collapsing the USD.