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About That Fiscal Cliff

Dean197 Wrote: Nov 21, 2012 9:52 AM
Canada has done pretty well the last decade with it's policy that all new spending must be paid for by spending cuts. That has held their spending in check while their economy has grown, and made them prioritize what they really want to pay for. Cuts would be great, but I would be happy just stopping the bleeding at it's current levels. We can eventually grow out of that. Wild Card: The coming oil boom.
Corbett_ Wrote: Nov 21, 2012 10:24 AM
Dean,

The current level of spending is unsustainable. We need significant cuts.

As for the oil boom, that is not going to happen as long as Obama in in the White House.
Yikes, we're headed toward a fiscal cliff! It will crush the economy! Or so the media and politicians tell us.

The "cliff" is a series of tax increases and budget cuts that automatically go into effect Jan. 1 unless Congress acts.

Will Congress act?

It will! I see the future: The politicians will meet and fret and hold press conferences and predict disaster. Then they'll reach a deal.

It will just postpone the reckoning, but they'll congratulate themselves, and the media will move on.

America, however, continues to go broke.

"They're not going to admit that we're bankrupt, and they won't...