If U.S. Falls Off 'Fiscal Cliff', What Will Happen to the Economy?

ScienceRocks

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Mar 16, 2010
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If U.S. Falls Off 'Fiscal Cliff', What Will Happen to the Economy?

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If U.S. falls off
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What if they never agree?

If negotiations between Obama and Congress collapse completely, 2013 looks like a rocky year.

Taxes would jump $2,400 on average for families with incomes of $50,000 to $75,000, according to a study by the non-partisan Tax Policy Center. Because consumers would get less of their paycheques to spend, businesses and jobs would suffer.

At the same time, Americans would feel cuts in government services; some federal workers would be furloughed or laid off, and companies would lose government business. The nation would lose up to 3.4 million jobs, the Congressional Budget Office predicts.

“The consequences of that would be felt by everybody,” Bernanke says.

Pretty much all we have done the past 4 years to reverse the mess was for nothing. SHIT. I can support a small income tax increase on people making more then a million a year for this not to happen.
 
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Boeners plan with maybe a slight adjustment in the spending towrads the democrats would of been something to shoot for. This nation really is tied up in knots.

I can't get what I want and the democrats can't get what they want. We need to understand this.
 
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Going off the fiscal cliff is the equivalence of cutting up a credit card. It would force the government to prioritize it's spending and live within it's means, and a lot of Obama voters would have to get a job. Oh my!
 
Well, it is time for business leaders to tell the GOP to get real. If they fail to, the fiscal cliff will create some problems. And some solutions. It will cost me a bit over $3000 a year in FICA taxes. But if that would get our economy going again, I am quite willing to see that increase. The haircut the military-industrial complex will get will be a good thing. Not good, administered in this manner, but a good thing to start reducing our military spending.

Going to an interesting few months ahead.
 
Going off the fiscal cliff is the equivalence of cutting up a credit card. It would force the government to prioritize it's spending and live within it's means, and a lot of Obama voters would have to get a job. Oh my!

You're forgetting all of the GOP voters that will have to get jobs as well.
 
Standard & Poors should step in and downgrade the credit ratings for sure. That will help force the spending cuts. The cliff merely helps paint a clearer picture of where we truly are economically.
 
Well, it is time for business leaders to tell the GOP to get real. If they fail to, the fiscal cliff will create some problems. And some solutions. It will cost me a bit over $3000 a year in FICA taxes. But if that would get our economy going again, I am quite willing to see that increase. The haircut the military-industrial complex will get will be a good thing. Not good, administered in this manner, but a good thing to start reducing our military spending.

Going to an interesting few months ahead.

If it is cutting bases from around the world=good
If it is to end this nation building bs=good
If it is cutting R@D and military readiness for our own defense=bad

We shouldn't be defending South Korea, Europe or Afiganistan...Period. I hope Obama is as pro science and tech as he says he is and gets us out of the middle east instead.
 
Standard & Poors might consider a downgrade if we do not go over the cliff ... the markets might respond positively and the threat of a recession may be overblown.

it will also be an end to the Republican Era of their Tax Reconciliation Act of 2003.
 
What will happen is this the rich will be fine the poor still won't pay anything more the middle class will again be screwed and both parties will blame each other and continue to run around with their heads stuck up their asses. I think that pretty much covers it.
 
Going over the cliff is exactly what Obama wants. Higher taxes for everybody, huge defense cuts, and an opportunity to make more people dependent on government. Plus he and his ass-kissing minions in the media can spend the next 2 years blaming the Republicans for it.
 
Going over the cliff is exactly what Obama wants. Higher taxes for everybody, huge defense cuts, and an opportunity to make more people dependent on government. Plus he and his ass-kissing minions in the media can spend the next 2 years blaming the Republicans for it.

Does BO care about the fiscal cliff.....heck no....either way he hurts taxpayers and the economy....a brilliant but demonic plan...

Does BO care about the irresponsible spending that creates inflation.....heck no....he will spend us into oblivion if he can...destroying America....

BO is simply a dyed-in-the-wool Marxist following the commie agenda...

The way to crush the bourgeoisie (middle class) is to grind them between the millstones of taxation and inflation.
-- Vladimir Ilyich Lenin
 
The stock market will react badly if we go over the cliff.

We will probably also receive a downgrade in our credit rating.

As for Defense spending, it has more than doubled since 9/11. There is no excuse to continue this kind of war level spending. It should be reduced back to pre-war levels.

The cuts in Defense spending that would occur as a result of going over the cliff would barely even be a good start.

The real pain that would cause us to go into a recession would be the expiration of the Bush tax cuts for every taxpayer.

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I'm expecting a big increase in inflation.
 

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