
11/8/2012 8:30 PM ET
|Heading for the fiscal cliff
You'll hear a lot about the fiscal cliff in the news from Washington and Wall Street through at least the end of the year. Here's what it is.

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Nov 9, 2012 3:48PM
Okay now it's time to get the attention of these Law Makers! Stop wages and all benefits until they work a comprimise to resolve the problems facing America! There is no excuse for taking hard line stances when you are sent to find a way to keep America moving.
Make all the bail out banks and financial institutions pay back all funds they received for bail out or shut their system down. That will lower the deficit right away. Any Legislator that refuses to go to work for the people resign and move on no more excuses....
Nov 9, 2012 3:47PM
We all know how to stop it. After world war II we faced the same problem of huge debit. The top tax rate was rasied to over 90% with no free ride on capital gains. The result was the most properous time in US history. Like Trump said the crash was caused by the poor running out of money to give to the rich. Reversing the last 30 years of failed right wing policy is the way to back out. That is backing out the way we came in.
Nov 9, 2012 3:47PM
Why is everyone so mad at Obama, when he came into tern 4 years ago this is the mess he has been trying to fix, with the Opposite Party fighting him tooth and nail. Now he has 4 more years to try and make a problem that goes back, long back, BETTER. My Birthday is Aug 5, and listening to Obama talk I see that his personality is alot like mine. Trys to keep promises he has made, Honest, Straight forward, and most important No Lies. Also he is a loving family man. Give him a chance, He may not be able to fix all the long old over due problems. But at lest he's trying. Better the anyone else. GOOD LUCK, MR. PRESIDENT. You have a very hard job waiting you. From one of your Canadian Neighors. Who has like you from the start.
Nov 9, 2012 3:46PM
I love all my friends, regardless of your vote! I want a president that is such a statesman that it's not even a contest! A leader that puts our country above party! I suspect, short of war on our own soil, those days are gone. Hope springs eternal and I will support our leadership and I
am confident our national deficit will begin to fall slowly very soon, as will our unemployment and fuel prices, and food stamp recipients. All will have unlimited healthcare, prisoners will be moved from Gitmo and Nirvana will be achieved by all. They will continue to do so for the next few years and this will all prove to be just a little slump we've been in lately.
am confident our national deficit will begin to fall slowly very soon, as will our unemployment and fuel prices, and food stamp recipients. All will have unlimited healthcare, prisoners will be moved from Gitmo and Nirvana will be achieved by all. They will continue to do so for the next few years and this will all prove to be just a little slump we've been in lately.
This isn't a football game, my friends. We all play on the same team. Team USA. Now then, y'all have a great day!
Nov 9, 2012 3:45PM
Yeah!!!!! Bring on a resession!!!!!!!! Maybe the people who voted Obama will realize the mess they have made for us! You really think he is for the poor an middle class? He doesn't care. He wants a socialist government where he is on top. It's sad that he won, but..... When all this comes into play. Romney and his followers will be sittin pretty sayin. " we told you so!" America you are blind. You elected someone so he could get personal gain. GO ROMNEY!
Nov 9, 2012 3:43PM
Nov 9, 2012 3:42PM
Nov 9, 2012 3:41PM
Nov 9, 2012 3:38PM
First, the so called 'fiscal wall' is something that we have been rushing headlong into for more than 80 years. But, like most politicians, and americans, we buried our heads in the sand and refused to see the evidence. Every single time we come up in debt (and thats been way more than a century, but we didn't understand economics until the 30's.), we put off paying it off until the next year, while inflation increased our debt even more.
Second, raising taxes, and indeed, almost any countermeasure will ruin the economy. There is no getting around this. If we tax the poor, and the ever shrinking middle class, the majority of americans will have less to spend on frivolties, which either means a higher personal debt, or a slow down of the economy. If we tax the rich, they in turn raise prices to offset, in a spiral of idiocy. So the middle and poor have less money to spend (or rather, the money they do have buys even less).
Third, and I have said this over and over, is that the President HAS NOTHING TO DO WITH THE ECONOMY! Period. Congess controls that. And if you didn't notice, the Dems only control the Senate. So good luck trying to get anything pushed through for another 2 years. Its more of the same results as the last two years.
The government, in and of itself, is reaching the limit of what it can do to save itself from Americans and their own greed. And this is just another example of it. What we really need is for Americans to get off their duffs, and start paying taxes without the loopholes, voluntarily. If even the rich paid the taxes they were supposed to, then it would do quite a bit to alleviate at least the interest on the debt, which will slow our debt acculumulation.
Nov 9, 2012 3:38PM
Well, we can now go 'Forward' to fixing this problem that has been going on since Bush, Rove, Cheney and 'Cronies'.
You GOP people are good for one thing though. I'm enjoying greatly watching you 'squirm' !!
Waaaah !! Who's the 'baby' now, eh?
- Not so Disillusioned (after Tuesday night !! ) :- )
Nov 9, 2012 3:38PM
The people that put BO back in office are the same ones that put Jesse Jr. back after being non existent for 6 months. I want a job like that! Hell, I'll only stay gone for 3 months at a clip. I can see why everyone outside this country says the dumbing down of America. Vote for non of the above!
LOL
Nov 9, 2012 3:37PM
Nov 9, 2012 3:37PM
Nov 9, 2012 3:36PM
The simple act of decriminalizing marijuana could single-handily resolve this issue.
Washington state is projecting a tax-revenue of $500-million a year from regulating the now-legal substance in their state.
A booming hemp-pulp fiber industry would arise, combined with a savings from those current law-enforcement and judicial resources, which now can be concentrated on more serious crimes.
Jobs, tax-revenue, a shift in focus to serious crimes - what's the hold up?
Nov 9, 2012 3:34PM
Nov 9, 2012 3:32PM
Nov 9, 2012 3:28PM
Based on the numbers presented in this article, the "fiscal cliff" results would not even be enough cuts / increases in revenues in total (the breakout of tax increases and cuts is irrelevant from a macro view) this country needs in order to balance the budget over the ten year projection....much less actually pay down some of the 16+ trillion debt we have accumulated. Any true fiscal conservative should be pushing us off the "cliff" to start the process of getting our fiscal house in order. Sooner or later, America will pay for its immature fiscal behavior.
Nov 9, 2012 3:27PM
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