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.

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550Comments
Dec 4, 2012 2:18PM
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Fiscal cliff is worst case scenario now. Was it best case scenario when created

at the time President Bush.GOP was in majority.We elected them. Now face

the consequences.

Dec 4, 2012 2:13PM
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I wholeheartedly agree with several posters (not a party line, kerry brown, grey ghost). I personally think Obama stole the election as in some of the  swing states there were way too many locations who had over 100% of registered voters vote and in some cases all registered voters voted for Obama. He is determined to become a dictator or King and is destroying this country. I hope the idiots who voted for him realize that the rich may get poorer but the poor will be poorer too. Obama is not willing to compromise and the Repubs are divided and not doing their jobs. What we need is to fire everyone in Washington and start over and get some people willing to work and do their jobs or we are going to be a third world country like Obama wants us to be.
Dec 4, 2012 2:12PM
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I believe the best thing to do is let government go over the cliff, in the case of a democrate run government less is better
Dec 4, 2012 2:09PM
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This "fiscal cliff" is pure scare-tactics and fear mongering. If anything, it will be a "fiscal curb". The rich will be hit with higher taxes, scream and cry, but continue to live the exact same way as they always have. The middle class will have to cut back on a few Starbucks visits a week, but they will get over it. The poor will still be here, as they always have, and they will never go away.

Defense spending will be cut (which is good), and republicans will scream about whatever scare-of-the-week Fox cooks up. But we will still have the worlds biggest military, and we will still have our freedom. Defense companies will lay off workers, which will nudge unemployment up by a percent or two.

Companies will still not hire, because they do not need to. They are getting more work out of smaller crews, and they are making record profit. If they actually needed workers, they could easily hire with the pile of cash they are sitting on. The reality is, they DO NOT NEED those workers. Technology has made each worker more efficient, reducing the head count needed across industries.

The removal of the child tax credit is a GOOD THING. People will think twice before crapping out another mouth to feed. If they do not get a tax break, they will actually have to consider whether they can afford another mouth-breather.

And the sun will rise... and life will go on.

Dec 4, 2012 2:07PM
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So, what your saying is the "Bush Tax Cuts" weren't ALL bad?!  Interesting... and this of course is fair and balanced reporting from msnbc.  HA!
Dec 4, 2012 2:05PM
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What's the worst that could happen........ Well you Yanks could end up like Rome.  Over stretched military, huge debt, massive corruption, middle class being destroyed, slave labor taking all the jobs (illegals and outsourcing).  Sounds familliar.....

Thing is there are no barbarians to deliver the death blow.... you would more likely end up like Spain in the late 1500's.  After being the world power built by  the riches of the new world their kings screwed up for decades.  They borrowed money against gold from the new world that was on it's way back to finance endless wars against the Turks, France, England and the Dutch.  Privaters hired by their enemies made sure their gold never reached Spain, and the unsuccessful wars and lavish spending on castles and palaces Spain went bankrupt several times. 

They didn't collapse like Rome but slowly became a nothing on the world stage, plagued by inflation.  That is more likely then a Rome style collapse.

Or the dead could rise pissed off that the country is in the shape it's in and feast on us all...... either or.

Dec 4, 2012 2:05PM
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ariz-eroneus,

define "fair share".  I bet your definition of your fair share and their fair share is two different shares.

how about a flat tax that we ALL pay at the same rate.  You won't live long enough to pay the millions in taxes the fabled "RICH" like Romney have paid if you were taxed at 100% of your money.

 

Dec 4, 2012 1:58PM
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Hey max stupidus,

Who has run up more debt in 4 years than all other presidents combined?  obama is a failure, re-elected by other failures who depend on the almighty government for their livelihoods.

Dec 4, 2012 1:54PM
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Make the rich pay their share of taxes. That would make a big difference.
Dec 4, 2012 1:52PM
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I don't know about everyone else, but I'm sick & tired of supporting these LAZY welfare people that only have more kids so they can get MORE $$, i.e. food, housing, medical, & other handouts! And why in the world do we have to support these "latinos" coming over the border just to have their kids & run back to Mexico & collect SS benefits for their brats! What the hell! Can I have my kid in Mexico & get their government to support my brat too?  And this crap of extending the unemployment benefits is just another way LAZY people get to LEECH off of the system. If I can work at a minimum wage job to get by...why can't these LAZY people do it as well!  And REALLY, who cares if we have a zillion types of coral in the ocean or some groundhog is going to lose his home! The ocean is HUGE & we have millions of groundhogs everywhere! Have science pay for their research instead of the government! And as for the rich, quit giving them loophole after loophole to hide their money! Also I agree the white house and congress is WAY OVER PD FOR WHAT THEY *DON’T* DO. We need a businessman in the president’s seat, not a pattycake sissy!!

Dec 4, 2012 1:52PM
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Until we figure out how to get the jobs back from overseas this problem with entitlements will continue to grow. People still need to provide for their families and the government has become the only reliable game in town. The longer this goes on the more dependent people become and the harder it will be to get people off the government dime. People will not change till they are forced; it will take pain and suffering to make people change and politician’s loose votes when people hurt. So don’t expect any real change any time soon.
Dec 4, 2012 1:47PM
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Fiscal cliff bad for the party the left-wing media blames but could be good for country.
Best to eliminate career politicians. NO need then to waste taxes to buy votes to stay in office.

Dec 4, 2012 1:42PM
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"How bad could it get, In 1993 Bill Clinton proposed the Omnibus debt reconciliation act to deal with the massive debt accumulated during the Reagan and Bush years. The bill raised tax rates 5%, cut spending $2 for every $1 in new taxes, gave tax breaks for working families and small businesses, included mandatory spending cuts and a balanced budget. All Republicans voted against it, calling it a "job killer ". After the bill passed we had 8 straight years of Bull Market, we reduced the debt to GDP by 10%, created 22.7 million new jobs, averaged a 3.88% growth rate, had 4 straight balanced budgets and a $237 billion dollar surplus in 2001 before the Bush tax cuts dismantled our run on prosperity and blew the debt out of the water. In 2001 we had a projected ten years surplus of $5 trillion and our debt would have been paid off today. We could have been the financial envy of every nation today, but Republicans took us down the Greek road instead.
Dec 4, 2012 1:40PM
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Where are the cuts to all the F*$%^* charity we give around the world? Where is the elimination of all money we give the UN? United States First.
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Democrates and Republicans need to come together on this fiscal cliff: Not all problems can be solved but the most important ones can. We need to take care of our old and sick and reduce spending where we can. We hire thousands in Washington to solve these problems, they need to do their job. It is completly irrisponsible for our government to  borrow over 1 trillion dollars a year. This has to stop. Obama has to realize we cannot afford every program he has on the table. The republicans have to realize that the rich will have to pay more. We have to quit spending on things we DON'T NEED at all levels. Senators and congressmen should take a PAY-CUT.
Dec 4, 2012 1:32PM
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The Republicans must get their patrons to may a little more now or the Progressives, when they take over, will make them pay a lot more later.

The bottom 75% are not going to allow themselves to get stuck with footing the budget deficit and the debt.

Things are hard enough for them as it is.
Dec 4, 2012 1:30PM
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GOD BLESS THE USA.....(WE THE PEOPLE)!!.....WHO ARE THE PEOPLE? ....NEED TO GET BACK TO THE BASICS ON WHICH THIS GREAT COUNTRY WAS FOUND ON.......WE HAVE BECOME SPOILED AND WHINNY......WE NEED OUR COUNTRY BACK.....NOW!!!  NOT ONE AMERICAN SHOULD BE HOMELESS, STARVING OR DEPRIVED......NOT ONE......WE AS A NATION NEED TO COME TOGETHER....(WE) HAVE LOST OUR PATRIOTISM OUR PRIDE AND OVER ALL SENSE OF COUNTRY AND WHAT IT TRULY MEANS TO BE AN (AMERICAN). WE ARE LOSING  OUR FUNDEMENTAL RIGHTS TO LIBERTY AND THE PERSUIT OF HAPPINESS..........LETS GO ALREADY ENOUGH TALK AND BS....LETS GET IT FIXED AND MOVE ON SMARTLY......GET BACK OUR COUNTRY AND  OUR PRIDE....WE ARE AMERICANS......WE CAN DO THIS.........HELLO.......CAN I GET A AMEN AND A BIG  BOOOOOOOOOOYAH?
Dec 4, 2012 1:22PM
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Seems like the UN is trying to take over one more piece for the new world order.  Just read an article on Google that they are voting on a referendum to control the access and content of the web.  Google - (Warning:  The UN is coming for your internet.)  It just keeps on getting scarier.
Dec 4, 2012 1:22PM
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Amen. I find it totally disgusting that Congress and the President don't mention one word about their lifestyle being altered. Personally, I think that everyone one of their jobs should be the LEAST paid of anyone. They are TOTAL failures at their job. If it was in any other situation they would have been fired.I don't think that either party has anyone else's best interest at heart, just their own. They don't need to go on Christmas break or on any vacations that spend thousands, while the American people are told to  get ready for horrible times ahead. These people are not leading they are breaking the backs of the average American so they can lead the life that they want to.
Dec 4, 2012 1:20PM
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Please indicate when you post if your family receives money from Uncle Sam or pays money to Uncle Sam. 

 

I suspect that influences most people's opinions concerning this issue.

 

Do you sign the front of the check or do you sign the back of the check?

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