Thread: Economics The Fiscal Cliff Approacheth
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Old 11-13-2012, 01:13 PM   #129
BucEyedPea BucEyedPea is offline
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Peter Schiff has it right

It's all a bunch of charged rhetoric because our overlord, the federal govt, won't have more money to mess things up.
"So what exactly is this looming menace, and why is it so dangerous?
Stripped of its rhetorically charged language the fiscal cliff is simply a legal trigger that will trim the deficit in 2013 by automatically implementing spending cuts and tax increases. In other words, the government will spend less, and more of what it does spend will be paid for with taxes rather than debt. Isn't this exactly what both parties, and the public, more or less want? The fiscal cliff means that the federal budget deficit will be immediately cut in half, shrinking to approximately $641 billion in 2013 from the approximately $1.1 trillion in 2012. What is so terrible about that? I would argue that there is a greater danger in avoiding the cliff than driving over it. "
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