The Fiscal Cliff. Sounds a like a dance step. Like the Disco Shuffle or Detroit Hustle. Ever wonder what economists and politicians are talking about when they begin their fear of god talks about Fiscal Cliff? Well, this In Plain English article answers the question in less than 100 words.
First, my graphical summary.
Now, the Fiscal Cliff in less than 100 words …
The Fiscal Cliff refers to policy events scheduled for December 31, 2012 that will send America into an economic recession. Five tax increases and automatic spending cuts will leave consumers with less to spend. Washington has three options to avoid the crisis: enact drastic measures; enact moderate measures; or cancel some/all of the policies scheduled to take effect. President Obama favors raising taxes on high income earners coupled with moderate spending cuts. Republicans favor extending all Bush Tax Cuts and significant spending cuts with the exception of defense.
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