Fiscal Cliff..
 

I thought they would work a deal, but looks like we're headed over the fiscal cliff. It's it too late to work a deal?

Nah, they'll strike some kind of deal/delay action at the last minute. If not, no big deal, everyone just gets a tax bump.

I always thought our UK deficit was large but the US one dwarfs that.

I sometimes wonder what percentage tax rise would be needed to reduce them over say a ten or twenty year period.

I agree with Neal, they'll work something out. Neither side wants to be blamed for taking us over the cliff. Sad thing is, they are not working to help the country as a whole, just posturing to act like they care. Working together as a group is a foreign idea to all of them!

What'll happen is the two sides will come together long enough to pass an emergency bill and kick the can down the road. Then we get to do this whole thing again during the summer.

Phew, That title gave me a few hyper-ventillating moments!.

http://www.virginmedia.com/images/lo...rd-590x350.jpg

I thought that Fiscal Cliff would top the Christmas No.1 singles chart again, I've never forgiven him for "The Millennium Prayer".

As Marlon Brando said in Apolcalpse Now "The Horror"!

https://encrypted-tbn1.gstatic.com/i...7SFo0mqwtKsQOA

Cheers

Aces

Jim check out this link, National debt clock.
http://www.usdebtclock.org/

Look at the one on the bottom called Unfunded Liabilities. Yes that is Trillions.
That is the one nobody is talking about but we still have to pay.
Also look at the debt per taxpayer.
These clowns can't even cut a few billion much less do anything about these.
One day, don't know when, but the chit's gonna hit the fan.

Your Toff boys are puppy poop compared to ours.

Magic

This will never pass. Pelosi will insist we go over the cliff. She will pass a bill that concerns plastic surgery. The remaining face lifts she will endure are now at tax payors expense. :haha:

I believe the middle class will get a bump. Certainly for Obamacare. Let's not get into that loser of a proposition. The biggest question is what bump for those making $250,000 a year. The question of cutting spending is still in the balance.

Wow!! :o

Certainly puts things into perspective for me :)

Like cutting spending is ever going to happen in a meaningful way LMFAO :har:

And of course congress can always just say no to the "mandatory" changes and pass the buck to the next congress.

Last I read, the US owes more money than contained in all banks and stock markets in the world combined..

But since the majority of the debt is held by the Federal, state governments as well as the citizens of the US, I doubt we are going to foreclose on ourselves?

For the most part the "debt" is just a political tool to get the citizens riled up. :yep:

Every time a politician brings up the "debt", what are they asking for? Increased political power of some sort. Some increased control over something. I have never heard of a politician claiming that the solution to the "debt problem" is less power/authority. It is usually "give me or my people more political power than my opponents".

Platapus - in a sense though - isn't less spending - whether on military or social programs - exactly that? Less Government spending equates to less governmental control - over lives, the economy, or the world itself?

This really is where the "debt" issue ends up going off track. JimBuna asked about how much taxes were needed. Why is it somehow not reasonable to expect Government to "live within its means"?

There's going to be an 11th hour deal that no one is going to be happy with and the whole "fiscal cliff" thing will blow over.

I still moved my entire 401k to cash for now, just in case.