U.S. Avoids Fiscal Cliff but Familiar Challenges Remain
With the noteworthy exception of the nation’s still expanding national debt, 2012 will be viewed by economic historians as predominantly a year of progress. Financial markets performed, the number of jobs expanded, unemployment fell, auto sales surged, housing prices stabilized and consumers were active. According to the most recently revised estimate supplied by the Bureau of Economic Analysis, national gross domestic product expan... [More]
I wish I had a dollar for every time I have heard the term "fiscal cliff" in the past six weeks - my Christmas bills would be paid off in full.
Evidently 25% of the voting population understands the term. In short, the FC refers to expiration of the Bush (W) tax cuts on December 31 in addition to "sequestration" which means radical cuts across the board in government spending.
So...what does that mean to you and me? Well, as a few examples, workers will see an immediate 2 ½% cut in their ... [More]