Fiscal Cliff - Does it matter?

[mrmarket]

I'm going to go against the tide here and say that if raising taxes and reducing spending on entitlements is going to move us closer to finally reducing our deficit, then I'm all for a little pain.

Quite frankly, I'm not sure that there is any certainty that this action will lead to a recession. I think a big hammer hanging over the market is the deficit itself, so let's work towards getting rid of it. No pain no gain.

[mrmarket]

http://www.cbsnews.com/8301-250_162-57554264/the-fiscal-cliff-isnt-a-cliff-at-all/

[Phoenix7]

Full speed ahead

Let's call their bluff.......remember Y2K and all that BS ....I say we pull a Thelma and Louise , put the petal to the metal and right the hell over the cliff!

[skiracer]

The administration needs money to run its show. all the freebies would stop. they could go bananas if they had to suffer thru an interuption in their checks.I would like to see what would happen if we did just let it go over the cliff.

[edward]

Like Mr.Market, I believe that the US needs to reign in the deficit and get its house in order for the long run. Going off the fiscal cliff is not the way to do that though. Should the fiscal cliff happen with no remedy, spending will be cut in the first year by $503B, GDP will drop by 4%, unemployment will increase to somewhere between 9% and 11%, the decrease in defence spending will cost the private sector one million jobs and the concept of global economic stability will be at huge risk. Definitely a double dip recession. It is imperative that the politicians on both sides work their way to a timely compromise and I would hope that all Americans would be insistent on that happening. The US is still the world's most influential economy and it should act as such.

[skiracer]

Like Mr.Market, I believe that the US needs to reign in the deficit and get its house in order for the long run. Going off the fiscal cliff is not the way to do that though. Should the fiscal cliff happen with no remedy, spending will be cut in the first year by $503B, GDP will drop by 4%, unemployment will increase to somewhere between 9% and 11%, the decrease in defence spending will cost the private sector one million jobs and the concept of global economic stability will be at huge risk. Definitely a double dip recession. It is imperative that the politicians on both sides work their way to a timely compromise and I would hope that all Americans would be insistent on that happening. The US is still the world's most influential economy and it should act as such.

Good take on the problem and it would be great if we could get a pure best for the American people answer to the problem from our legislatures. But that happening is more improbable than their acting as they should. There are to many hands in the pie anymore. To many favors to be repaid, to many PAC's to worry about, and just to many people getting a free ride. I see now that it is going to fail. Just to large to control and to much money needed to propogate the present situation.

[Phoenix7]

No Off The Cliff

Let's call their bluff.......remember Y2K and all that BS ....I say we pull a Thelma and Louise , put the petal to the metal and right the hell over the cliff!

Unfortunately we will never get to see what happens if the tax increases go into effect, because Obama would never want that to be part of his legacy , and a settlement will be done before Christmas.........and you can take that to the bank!

[wooish]

I say U.S should stop sending billions to other countries when we're heavily in debt and can't take care of our own. Didnt Obama just pledge a couple of billions to Cambodia during his Asia tour?