Fiscal cliff: Worst-case scenarios

If Congress and the Obama administration can't come up with a deal to mitigate the effects of spending cuts and tax increases, the pain could be considerable.

 of 9
 of 9

VIDEO ON MSN MONEY

550Comments
Dec 3, 2012 9:56PM
avatar
Our leaders could fix the whole financial problem with a few fixes: Stop paying the senate, congress, and all elected officials until they fix the problem. Quit giving billions to other countries like Pakistan. Close FEMA, Homeland Security and the IRS. Bring our troops home and let the National Guard do that job. Stop income tax and just have a flat tax of 10% on everyone above poverty level. Make all of Congress and the senate have the same Social Security retirement as the rest of us. Charge a 25% tax on all imports from China and bring our factory's back to the U.S. Ron Paul was so right and nobody listened to him. We wouldn't have problems in the middle east if we would stay out of there. Quit buying foreign oil, we have our own oil! Leave the rich alone and make the government pay taxes. What ever happened to all men are created equal? Where are we the people?
Dec 3, 2012 8:43PM
avatar

OBAMA'S ONLY PLAN IS 50 BILLION MORE IN STIMULUS, UNLIMITED DEBT CEILING HE CONTROLS AND RAISE TAXES ON

NOT JUST THE RICH BUT EVERYBODY BUT BY SAYING IT'S JUST THE RICH ONCE AGAIN HE'S LYING CAUSE ALL YOUR

TAXES ARE GOING UP NO MATTER WHAT FROM ENERGY FUEL FOOD REGULATIONS AND HIS DISMAL OBAMA DEATHCARE!

IF YOU VOTED FOR HIM WELL YOUR GONNA SEE WHY HE'S CALLED A SOCIALIST AND WHAT SOCIALISM REALLY IS!

 

Dec 3, 2012 9:37PM
avatar
If there was a flat tax of 10 to 15% that EVERYONE paid, and EVERY unconstitutional,  redundant, and unnecessary Federal program and agency were eliminated, there would be a budget SURPLUS, unemployment would drop to near zero, and everyone would have more freedom.
Dec 3, 2012 9:26PM
avatar

Ironically Panetta mentioned military, border control and weather warnings as what will get cut if taxes aren't raised.   These are things the constitution authorizes the Federal government to do.  He failed to mention the 100's of billions the government spend on programs that are UNauthorized by the constitution such as Federal unemployment and other hand-out programs, wasted grant money, huge bloated  and redundant Federal agencies such the EPA, IRS, NEA, OSHA, FHA, Fannie Mae, foreign aid, etc,etc.

 

Before 1 dime in taxes are raised, all those cuts should be made.  The IRS would have to continue but it could be reduced to about 1% of what it is now if there was a simple flat tax with no deductions or loopholes.  Every state and locality already has an education system, the Federal government just duplicates what already exists.  Same is true with most Fed agencies and programs.

 

Next, the government should sell most of it's holdings to the private sector.  Hundreds of Federally owned buildings are sitting empty rotting at taxpayer's expense.  If sold, it would not only raise money but eliminate the maintenance costs.  The government also owns millions of acres of land that goes unused.  Vast tracts of land could be sold to the private sector.  Again it would not only raise enormous amounts of money, but states would collect property taxes from the owners raising revenue.

 

Finally, the Federal government should get completely out of the private sector which it has never had a constitutional right to do.  The role of the Federal government is to protect it's citizens from oppression, not to create it as it is now doing. 

Dec 3, 2012 8:56PM
avatar
So if our leadership is truly supposed to be a representation of the people, by the people, for the people, looks like I should have voted for the homeless guy on the corner.  At least he is appreciative and says thank you when I give him the only dollar I have in my wallet.
Dec 3, 2012 10:10PM
avatar
All you have to mandate is that if we go off a Fiscal Cliff, every Congressman, Senator and President are immediately fired.  Guess what would happen.
Dec 3, 2012 9:33PM
avatar

Remember when all those Bush tax cuts were vilified by liberals?  Now they've turned into a necessity with Obama demanding they be extended.  My how times have changed.

 

Perhaps democrats ought to listen to more republican ideas, they may learn something about economics.

Dec 3, 2012 9:03PM
avatar
When will the left make Obama take responsibility for this mess?  Bush was made to be responsible for HIS tenure, when will the left demand this from Obama?  He has businesses not hiring, he has them not spending nor investing because their is fear, real palpable fear of not knowing how much it will cost them to be in business.  Obama thinks the answer is to raise taxes and not cut anything EXCEPT the military.  This will not take us away from the fiscal cliff.  We as americans must all sacrifice not just the rich.  Entitlements are our biggest expense and is unsustainable and all people need to sacrifice some for the sake of America.
Dec 3, 2012 10:42PM
avatar
A Democrat prayer...

Our Obama, who art in power, hallowed be thy name.  Thy kingdom come, thy will be done, in the USA, as it is in Cuba and the USSR.  Give us this day our daily food stamps, and redistribute our wealth as we redistributed the wealth that came before us.  Lead us not into prosperity, and deliver us from capitalism, free markets, entrepreneurship, hard work and personal responsibility.  For thine is the kingdom of debts and entitlements and deficits and unfunded liabilities, forever and ever.  Amen.

Dec 3, 2012 9:14PM
avatar
Join the Secession movement to stop this Socialist Fascist Government from shoving unconstitutional laws down our throats.
Dec 3, 2012 9:13PM
avatar

Scare tactics one and all.  The fiscal cliff is nothing to worry about.  Look at the good old days of 2 percent unemployment when the taxes were higher and the spending was less.  That's what we want back.  Inflation is what we really need to worry about.  If the government keeps spending, your home will soon be worth $10 million but and bread will be $100.    That's how the government really steals from us.  Inflation.  Just keep printing money and we'll all be speaking Chinese.  I for one welcome the fiscal cliff.   The $2000 a year I'll spend in increased taxes will help my grandchildren have a better life.

Dec 3, 2012 9:59PM
avatar

After reading this article it looks like going over the cliff may be whats best for America. We need to cut spending and raise taxes on everyone to get our debt under controll. I hope no "deal"  is reached.

Dec 3, 2012 9:11PM
avatar
if this happens, then we get what we deserve.  We elected these folks and we have encouraged them to never compromise and work together.  Compromise is getting less than what you want and giving more than you want.  The President proposes to cut almost nothing and the GOP seems intent on not budging on the bump in marginal tax rates for the top 2%.  I would love for the GOP to give up that fight and for the President to propose a balance solution by his own definition of $2.50-$3.00 of spending cuts for every $1.00 in increased revenue.  Neither side would like it, but both should be able to live with it.
Dec 3, 2012 9:09PM
avatar

Blame the right, blame the left, and merrily, merrily , merrily, merrily, off the frickin' cliff !

 

So some will get their wish to have everyone pay their share of taxes, some will get their wish with automatic spending cuts to shrink government spending;

 

But if your 'wishes' put you in the unemployment line, you will only have 26 weeks- not 99 !

Consider that  in your calculations !

Dec 3, 2012 9:37PM
avatar
why did i pay my loans off, i should have stuck w the 47 percent
Dec 3, 2012 9:20PM
avatar

With out the States the Federal Government has no teeth

or

the Emperor has no clothes

JOIN THE SECESSION MOVEMENT

LET THE FEDS KNOW

"WE MEAN BUSINESS"

Dec 3, 2012 9:25PM
avatar
sound better then I have it now, let the cliff come the quick the usa falls the faster the one world order will be in place as George Sorrels stated the plan is in action and it cant be stopped,  Obama is just another puppet.
Dec 3, 2012 8:57PM
avatar

When we are driven over the Fiscal Cliff

 

We have to secede to Save the Republic

 

Secede to get out from the liberal progressive Federal Reserve Charter

The other option is not acceptable

Finacial enslavement by foreign banks called the federal reserve.

Not only does Obama want new taxes but the UN wants $100 trillion in new taxes to be given to the Central banks.

Secede to save our finacial future or your children will wake up broke

Dec 3, 2012 10:39PM
avatar
First and for most we need to get the hell out of the United Nations. I am so sick and tired of hearing the U.N. telling us what they want us to do. Last time I checked they were not and never will be the one to tell any American what to do. Now the so called fiscal cliff. It's time our Federal government takes a big pay cut and starts paying for their own medical expenses and only gets two weeks vacation and five sick days a year. It's also way past due for term limits. I think if we could get term limits we would be on our way to a greater America so these so called politicians don't have a life time job to get rich on our watch. The Federal Government must be the first to take cuts on every thing they get. Don't even start with the middle class whats left of it and the poor. It's time to start from the top on down from both parties. This two party system is the biggest joke there is.
Dec 4, 2012 12:26AM
avatar
AMERICA gets what it deserves.  I am a U.S. Navy Combat Veteran.  What did I fight for?  The U.S. Congress has a 7% approval rating, but all you idiots voted the SAME exact people in Congress.  You knew they were gridlocked and could not function... has nothing to do with who is President.  It's just too much drama in both house chambers.  IF you would have put all the incumbents out, regardless of party, and sent a clear message that this is YOUR government, NOT the Corporations.... then just maybe something good would get done.  This is a Legislative Branch issue... NOT Executive Branch.  TOO much $$$ influencing the wrong people.
Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

MARKET UPDATE

NAMELASTCHANGE% CHANGE
There’s a problem getting this information right now. Please try again later.
NAMELASTCHANGE% CHANGE
There’s a problem getting this information right now. Please try again later.
Market index data delayed by 15 minutes

[BRIEFING.COM] The stock market maintained a narrow trading range on Thursday before ending the session essentially where it began. The S&P 500 added less than a point, while the small-cap Russell 2000 (-0.2%) underperformed.

Equity indices displayed early strength thanks in part to an overnight boost from better than expected economic data in China and Europe. Specifically, China's HSBC Manufacturing PMI surged to an 18-month high (52.0 from 50.7), while Eurozone Manufacturing PMI ... More


Currencies

NAMELASTCHANGE% CHANGE
There’s a problem getting this information right now. Please try again later.