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tdt
Member since Nov 2012
477 posts
| re: Fiscal Cliff - explain it to me exactly what will happen... (Posted on 11/13/12 at 10:40 am to tylercsbn9)
CBO also projects unemployment would go back to 9.1 and gdp would drop by .5 by eoy 2013
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Baloo 
LSU Fan
Formerly MDGeaux
Member since Sep 2003
41079 posts
| re: Fiscal Cliff - explain it to me exactly what will happen... (Posted on 11/13/12 at 10:42 am to tylercsbn9)
quote:
Taxes go up on everyone?
Bush tax cuts expire. So, yes. Unless you didn't get a tax cut in 2002.
quote:
And would their be significant cuts?
9% across the board. It's designed to be politically unpopular, even cutting programs people like. Which is why they won't happen, but you're right, it's not this massive disaster either. It's how we get the promised debt reduction for raising the debt ceiling.
The bill is due.
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davesdawgs 
Georgia Fan
Georgia
Member since Oct 2008
10971 posts
| re: Fiscal Cliff - explain it to me exactly what will happen... (Posted on 11/13/12 at 11:17 am to mytigger)
quote:
Fiscal Cliff - explain it to me exactly what will happen...
The better question is why wasn't this a major election issue in the news before the election. Notice how there's suddenly a confluence of bad news: fiscal cliff concerns, layoffs/higher unemployment, stock market decline, AFTER the election. It's almost as if someone was controlling the narrative leading up to the election. 
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Zach
LSU Fan
Member since May 2005
55334 posts
| re: Fiscal Cliff - explain it to me exactly what will happen... (Posted on 11/13/12 at 11:27 am to mytigger)
Paul Krugman wrote that nothing bad will happen so Obama should not compromise with the House on taxing the rich. Krugman also said that the voters of California showed great wisdom in raising their own taxes.
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BigJim
LSU Fan
Baton Rouge
Member since Jan 2010
1409 posts
| re: Fiscal Cliff - explain it to me exactly what will happen... (Posted on 11/13/12 at 11:29 am to Zach)
Actually don't think entitlements take much of a cut. Mostly defense and other discretionary spending.
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LSUnKaty
LSU Fan
Katy, TX
Member since Dec 2008
2267 posts
| re: Fiscal Cliff - explain it to me exactly what will happen... (Posted on 11/13/12 at 11:34 am to mytigger)
quote:
exactly what will happen
It would be bad.
Try to imagine all life as you know it stopping instantaneously and every molecule in your body exploding at the speed of light.
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TigerFanatic99
LSU Fan
Elkhart, IN
Member since Jan 2007
1198 posts
| re: Fiscal Cliff - explain it to me exactly what will happen... (Posted on 11/13/12 at 11:37 am to BigJim)
exactly what will happen? My prediction:
the week before Christmas, before congress recesses to go home they will pass a bill delaying the spending cuts for 1 year. Let's be honest, those were an empty threat all along, they NEVER intended to let those cuts go in effect whether they passed cuts on their own or not.
I think the Speaker will puss out and convince the house repubs to take a compromise extending the tax cuts for only sub $250 income families, expiring it for those above. (I don't like that personally, but would vote yes on it as a compromise while negotiating REAL tax reform).
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Janky
LSU Fan
Team Primo
Member since Jun 2011
2497 posts
| re: Fiscal Cliff - explain it to me exactly what will happen... (Posted on 11/13/12 at 11:42 am to TigerFanatic99)
quote:
I think the Speaker will puss out and convince the house repubs to take a compromise extending the tax cuts for only sub $250 income families, expiring it for those above. (I don't like that personally, but would vote yes on it as a compromise while negotiating REAL tax reform).
I agree with everything except this. Hell, Charles Schumer is even on record saying $250k is too low. $250k doesn't get you much in NY. I think it ends up at $750k or $1M. Either way, raising tax rates won't do any good and is only highly symbolic in my opinion.
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TigerFanatic99
LSU Fan
Elkhart, IN
Member since Jan 2007
1198 posts
| re: Fiscal Cliff - explain it to me exactly what will happen... (Posted on 11/13/12 at 11:52 am to Janky)
quote:
I agree with everything except this. Hell, Charles Schumer is even on record saying $250k is too low. $250k doesn't get you much in NY. I think it ends up at $750k or $1M. Either way, raising tax rates won't do any good and is only highly symbolic in my opinion.
I absolutely agree with the bold.
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