If we do go off the cliff- The positives: -We get alot closer to a balanced budget this year -everyone pitches in more instead of sticking the wealthy with the whole bill and building a culture that scapegoats the wealthy whenever we get into a jam -deficits won't go up the way they would if we increase the debt ceiling over a deal.
It seems to me (could be missing something) that almost all of the negatives are short term or just bring us back to where we should be pre-manipulation: recession, unemployment, etc.
Would this provide a higher likelihood of longer term austerity and a brighter future for the next generation? I figure even if we go through tough times to bring the economy back to a more natural growth scale, isn't that worth it to decrease the burden on those who will come after us? We aren't even being asked to storm beaches to create a brighter future....
What you're missing is that they shouldn't be allowing taxes to increase while still providing unearned benefits to the leeches of society. It's like saying you're going to demand a raise from your boss because you don't want to stop paying your 3 car notes and unlimited cell phone plans.
They will still probably have to increase the debt ceiling anyway, this won't stop it.
It will not bring any longer term austerity. They will have to keep raising taxes to provide more benefits. The burden should not be on those who keep this country running.
The middle class will get their take home pay slashed while their healthcare costs and energy costs keep going up. That means lower overall consumer demand, so businesses have less revenue and lay off workers.
1) We should not be spending our children's inheritance. Noble people do not do that.
2) Fiscal cliff is the sequestration only. This is where 8-10% of the Fed "budget" (which they do not have) gets "cut". So far there is no deal. It is unlikely a deal is done this year or next. The budget has to be cut but the Senate can't even pass one. How will they agree to cut a budget they can not pass?
3) The tax cuts/increases are not part of the cliff. This is a seperate issue from the "cliff"; however, if taxes go up at this time a recession will be practically guranteed.
4) Nobamacare is a tax increase as per the U.S. Supreme Court ruling; therefore, taxes are going up in 2013 no matter what.
5) The US debt ceiling will be reached by 12/31/2012 according to tiny TimmyG. If this is not raised, then the gov't will default on bonds. This will be worse than the "cliff". A balanced budget means the debt ceiling will not need to be increased. The "cliff" is the best chance to balance the budget.
6) The budget has to be cut so the cliff has to occur. They can handle the taxes and debt ceiling issues separately. Obama wants an unlimited debt ceiling; that is, no ceiling at all. NO prez should be allowed the power to spend unlimited. It is an insult to all hard working Americans that pay taxes that any prez is arrogant enough to even make such a request. How much would we have to pay in taxes if there was no debt limit? we the gov't just take our entire paycheck,and tell us how much we get?
7) Bestbank is right: The middle class will have less to spend, but so will the lower class and the rich. Taxes are going up on everyone. This will reduce growth. The gov't will spend $1 Trillion less than they did last year. This will hit the economy. Job losses will result plus many companies are shortening their employees hours to 29 hours per week. that's a 25% cut in pay. they will have less to spend as a family. This will hit the economy. how many of them will qualify for food stamps?
8) What is coming won't be good, nor will any compromises. The compromises typically are more harmful long-term for a short-term gain.
9) If the gov't would agree to allow drilling, then the oil industry could take off and help grow the economy out of this mess. The problem is that the voters were too blind to see that the primary job growth area is being strangled by this administration, so we're doomed for now.