|US Fiscal Cliff, CBO projections|
At the end of the year, the country faces a scenario where temporary tax cuts expire and notable spending cuts across many departments will happen. In the illustration above it's a continuation of the blue line (higher is bad in that illustration). If you've ever complained about how things are ruining the future for your kids, you want the blue line... for the children.
The gray line is what's likely to happen because America can't ever take responsibility for its bad habits. We'll hit the snooze button again, continue with the "temporary" tax cuts despite the fact that the
The middle class? That's becoming a quaint notion.
I am sure Congress will hit the snooze button. I am sure the "temporary" tax cuts will continue.
The same thing is repeating with businesses who were expecting Obamacare to be overturned by the Supreme Court or for Obama to lose and Obamacare to be repealed. "Oh, you mean we have to comply with the law?"
I am sure businesses will get 6-month extensions. It's possible when forced to actually participate the appeal of universal healthcare (which, technically, America spends enough to pay for already) will grow. Or not. We make a lot of bad decisions, individually and collectively. Did I mention the Kardashians?