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2016 Postmortem
Related: About this forumAmerica’s not falling off a fiscal cliff
Don't let the headlines drive you crazy. The U.S. economy isn't headed for a double-dip recession
BY MATTEA KRAMER AND CHRIS HELLMAN, TOMDISPATCH.COM
They dont call it the cliff for nothing. Its the fiscal spot where a nations representatives can gather and cry doom. Its the place if Washington is to be believed where, with a single leap into the Abyss of Sequestration, those representatives can end it all for the rest of us.
In the wake of President Obamas electoral victory, that cliff (if youll excuse a mixed metaphor or two) is about to step front and center. The only problem: the odds are no one will leap, and remarkably little of note will actually happen. But since the headlines are about to scream crisis, what you need to understand American politics in the coming weeks of the lame-duck Congress is a little guide to reality, some Cliff Notes for Washington.
As a start, relax. Dont let the headlines get to you. Theres little reason for anyone to lose sleep over the much-hyped fiscal cliff. In fact, if you were choosing an image based on the coming fiscal dust-up, it probably wouldnt be a cliff but an obstacle course a series of federal spending cuts and tax increases all scheduled to take effect as 2013 begins. And its true that, if all those budget cuts and tax increases were to go into effect at the same time, an already weak recovery would probably sink into a double-dip recession.
But ignore the sound and fury. While prophecy is usually a perilous occupation, in this case its pretty easy to predict how lawmakers will deal with nearly every challenge on the presidents and Congresss end-of-year obstacle course. The upshot? The U.S. economy isnt headed over a cliff any time soon.
read more:
http://www.salon.com/2012/11/12/americas_not_falling_off_a_fiscal_cliff/
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America’s not falling off a fiscal cliff (Original Post)
DonViejo
Nov 2012
OP
thelordofhell
(4,569 posts)1. Here's how I look at the "cliff"-----doing nothing, means not jumping
If something is done, like say, keeping the Bush tax cuts for the rich.......then you have jumped.
LisaL
(44,973 posts)2. The article claims that US won't go over fiscal cliff because something will be done about it
by congress. No that actually going over the cliff will be fine.
tama
(9,137 posts)3. I looked
And the whole "fiscal cliff" meme is just Bernanke fantasy la-la-la-land issue.
ProudProgressiveNow
(6,129 posts)4. +1 nt
customerserviceguy
(25,183 posts)5. There's a powerful assumption
that the very people who got us to this point will suddenly decide to do something different. That's a leap of faith that I wouldn't make.