The fiscal cliff

[mom'sfolly]

Here is a long link that explains just what it is. It was part of the budget deal in 2011. Basically, to raise the debt limit certain stipulations were put in place, this is the consequence. Both parties were betting on having full control of Congress and the Republicans were betting on having have a Republican president. Congress is still split, with the House Republican and the Senate Democratic, but effective control of the Senate is Republican, at least until the filibuster rules are changed.

General consensus is that allowing the whole thing to go through will throw us back into recession and then we'll come out stronger on the other side. But this effects everything from Social Security to milk prices to Border Control getting paid. Automatic, across the board spending cuts, with no exceptions. That means military, and domestic.


http://www.washingtonpost.com/blogs...ed-to-know-about-the-fiscal-cliff-in-one-faq/

 

[hemet dennis]

Here is a long link that explains just what it is. It was part of the budget deal in 2011. Basically, to raise the debt limit certain stipulations were put in place, this is the consequence. Both parties were betting on having full control of Congress and the Republicans were betting on having have a Republican president. Congress is still split, with the House Republican and the Senate Democratic, but effective control of the Senate is Republican, at least until the filibuster rules are changed.

General consensus is that allowing the whole thing to go through will throw us back into recession and then we'll come out stronger on the other side. But this effects everything from Social Security to milk prices to Border Control getting paid. Automatic, across the board spending cuts, with no exceptions. That means military, and domestic.


http://www.washingtonpost.com/blogs...ed-to-know-about-the-fiscal-cliff-in-one-faq/

There are exceptions to the spending cuts such as Social Security and Medicare.

 

[hemet dennis]

I’m sorry that I am getting in on this late, but I just got to clarify this info. If we go over the “cliff”, then our taxes will go up, thus pumping more money into the government, and at the same time, cause the government to spend LESS? Somehow, I can’t see how this can be - at least for any length of time!

Would it be easier to to see how we can go on borrowing 40 cents out of every dollar we spend ? With over trillion dollar deficits every year.

All of these JOBS that are suppose to be lost .... what kind of jobs are they - Government jobs?

The Pentagon will lay off about 800,000 contractors. So yes they will be mostly Government payed for jobs.

 

[chickened]

Seems they reached a deal.

 

[hemet dennis]

Seems they reached a deal.

Maybe on some of it but the spending cuts are kicked down the road again. They will be taking that up when they also have to deal with the debt ceiling again. Obama has already said he wont make a deal on that and wants more taxes raised.

 

[DennisK]

Here is a long link that explains just what it is. It was part of the budget deal in 2011. Basically, to raise the debt limit certain stipulations were put in place, this is the consequence. Both parties were betting on having full control of Congress and the Republicans were betting on having have a Republican president. Congress is still split, with the House Republican and the Senate Democratic, but effective control of the Senate is Republican, at least until the filibuster rules are changed.

General consensus is that allowing the whole thing to go through will throw us back into recession and then we'll come out stronger on the other side. But this effects everything from Social Security to milk prices to Border Control getting paid. Automatic, across the board spending cuts, with no exceptions. That means military, and domestic.


http://www.washingtonpost.com/blogs...ed-to-know-about-the-fiscal-cliff-in-one-faq/

Great website mom'sfolly - thanks .... it takes a few reads!

 

[bakerjw]

The debt ceiling will be raised again in a month or so.
No spending will be cut.
Taxes will have to go up again at some point.
Uncertainty will remain which will limit employers hiring more people.
Many small to medium employers will cut jobs or working hours to keep from being burdened under the ACA.

The outlook for the next few years is grim. imho.

 

[chickened]

The debt ceiling will be raised again in a month or so.
No spending will be cut.
Taxes will have to go up again at some point.
Uncertainty will remain which will limit employers hiring more people.
Many small to medium employers will cut jobs or working hours to keep from being burdened under the ACA.

The outlook for the next few years is grim. imho.

Yep, they just don't get it, someone will pay for spending eventually.

 

[hemet dennis]

So has anyone looked up the pork that was added to the fiscal cliff bill ?

Here some.
$430 million to Hollywood to keep making movies
$480 million in aid for rum production
$40 million for race track owners
$59 million in tax credits for algae growers
And asparagus producers got an extension of their market loss assistance payment

But hey it's only about a billion dollars. Of your money.

 

[clfromok]

The government makes it out to be something horrid like the need to bail out companies using  the peoples hard earned money.BAILOUT  COMPANIES  in a capitalistic socitey.How insane is that???? I thought it was a sink or swim,but I guess not if  you know the right butts to kiss.

Make it something horrible,and then pass whatever laws they need to pass to benefit themselves.It isn't about making things better for the average citizen.Those days are long gone if they ever even existed. Our government is big business,and the name of the game is profit for its members till it all falls apart .Democracy?Yeah right.

Hostess was a perfect example.The CEO made 150,000 A MONTH while he cut workers wages by 8%.Then when the company finally falls apart they ask for a 1.8 million payout to the higher ups,and wow the judge agrees to it. Why didn't the judge give that money to the 18,000 hostess workers who lost their jobs? Well because this country is run by big business and those workers sure did not help the judge.Maybe that CEO gave the judge a gift. Whatever happened the judge OKed the payout and the money stayed with all the LOSERS who scammed and ruined the company for their personal profit.They have their millions and will move on to the next company to fleece.THIS IS AMERICA TODAY.

Ever watch 16 Trillion and counting? Eye opener.Ofcourse now it is what 18 trillion?Our government borrows  just to function daily.It is like borrowing on one credit card to pay another.They make no changes to their spending.Oh but they put on a good show for the public eye don't they?!?!?!

Still give those raises and vacations too. What happens eventually to the average person who lives beyond their means? Eventaully they lose. Governments go bust too.America is no immune to failure.Until that time the government will keep taxing the people more and more.The elite and the serfs.

1st of all Amen! So well put!
my question is...I hear so MANY PEOPLE talk about this in person SO many e-mails, FB, chats, ect ...The average low to middle class people ALL OVER AMERICA feels this way, that we're getting scr#*ed by corporate America, senate, & the people in power who are SUPPOSED to be by the people FOR the PEOPLE, why is there only talk, e-mails & more talk, that's all we can do about it? I'm only 46 but for the last several years I don't know what to do when the time to vote comes around. It is so disheartening that I don't even know what advice to give my 17 yr old when he asks questions about politics who I'm voteing for or even if I have faith or hope for this old strong nation under God that we used to be!
My question is WHAT CAN I DO? What is it we are not doing to change the BS everyone complains about but seems helpless to change! WHAT CAN THE NEXT GENERATION DO different?
Sorry I am so thrilled to hear like-minded people but as always I feel powerless.