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This is what scares the crap out of me.

Posted: Nov 7, 2012

There are many books about the fiscal cliff coming. I thought it was just the United States, but it is the world worrying about the United States, even China. Obama cannot get congress to agree with anything. Too divided.

http://www.cnn.com/2012/11/07/business/obama-global-business-reaction/index.html?hpt=hp_t2_6

Fiscal cliff is triggering automatic spending cuts and tax increase worth $7 trillion over a decade.

http://thedianerehmshow.org/shows/2012-10-29/congress-and-fiscal-cliff/transcript

I think it's likely that they will avoid the fiscal cliff. But it's not a sure thing because Congress has been so dysfunctional, and it will require some cooperation by Republicans and Democrats to avert it. I think the one question is, if they steer away from the fiscal cliff, do they do it with some kind of phony Band-Aid deal, the famous kicking the can down the road? Or do they do something that really makes a dent in the deficit, at least a framework agreement? My guess, unfortunately, is that they'll go for the fudge, that we'll avoid the cliff, but we won't solve the problem.

;

Congress too divided to help the fiscal cliff. - Obama cannot get congress to agree.

[ In Reply To ..]
While taking the possibility of a government shutdown out of the equation, the so-called fiscal cliff — a combination of automatic spending cuts and tax hikes set to slam the economy in January — still hangs over Congress and President Barack Obama.

More than $100 billion in cuts to defense and domestic programs alike loom as punishment for the failure of last year's deficit-reduction supercommittee to strike a follow-up bargain to last summer's debt and budget pact between the lawmakers and the president. The automatic cuts are set to hit at the same time that the Bush-era tax cuts, which were extended two years ago, are set to expire again.

And Obamacare will kick in which just add billions of more problems for our country.

Millions and millions could lose jobs. - Yikes.

[ In Reply To ..]
http://www.huffingtonpost.com/michele-nashhoff/lame-duck-congress_b_2084076.html

Our government took drastic action to prevent the bankruptcy of General Motors, but the effect of sequestration would be like both General Motors and Ford going bankrupt. It would not only affect all of the major defense prime contractors, but would affect their subcontractors, and in turn, their vendors, all the way down to the bottom of the defense and military supply chain. The lower tiers of the supply chain are nearly all small businesses, many of them disadvantaged businesses in the minority, veteran, or women-owned categories.

Fiscal cliff is temporary - vf

[ In Reply To ..]
and will only happen if the Republicans refuse to compromise. They refused to take even 1 cent in tax increase on the wealthy despite all the cuts in spending the Democrats offered. If they continue with an obstructionist plan, we will go off the cliff to get the necessary and fair tax increase on the SUPER wealthy, which is simply a roll back to Clinton era rates. I just hope Mitch McConnell doesn't make obstruction the #1 priority this time since it didn't work for him.

Temporary? We're going to be a third world country soon. - Obama's wish comes true.

[ In Reply To ..]
nm

America has a long way to go before descending to - 3rd world status...

[ In Reply To ..]
How to become a third world country:

Make contraception hard to obtain.
Ban abortion.
Leave millions of citizens without access to healthcare.
Make higher education prohibitively expensive.
Rely on other countries to supply our energy needs.

Seems to me we just dodged that bullet.

OR see msg - me

[ In Reply To ..]
keep borrowing money from China at the rate we're borrowing now or higher, and let them call in the loan. LOLOL CRASH!!!!!!!! Right down to third world status.

Yes, yes....that's EXACTLY what.... - (S/M)

[ In Reply To ..]
....President Obama wishes for--that America become a third-world country!

(This is S-A-R-C-A-S-M, in case you didn't recognize it.)

like - sm

[ In Reply To ..]
I appreciate your sarcasm in response to such a foolish claim. I never liked Bush. I thought he was a dangerous liar. Yet, I never for an instant doubted that he loved this country and wanted the best for America. I don't know what is up with the hate talk on the part of the right wing, but it will be their own undoing if they fail to dismantle this divisive mindset.

It is caused from RUNAWAY SPENDING. - Which republicans tried to prevent.

[ In Reply To ..]
THANKS CONGRESS!

Didn't Dems control congress???

People can and will cooperate when they have to. - The sky is (not) falling!!! There

[ In Reply To ..]
are actually a number of ways this can be handled, with various sets of costs and benefits, a big part of what has been delaying final agreements. But time to fool around with partisan posturing is running out.

BTW, while most of us were voting ourselves all those tax cuts and happily piling up bills over the past 30 years and more? We were setting ourselves up for this. So maybe put a sock in it if we do see tax increases out of this?

Republicans are the KINGS of runaway spending. Check a - deficit timeline-IF you dare. nm

[ In Reply To ..]
x

New report finds Sequester of Medicare Spending 750,000 - could cut 750,000 jobs

[ In Reply To ..]
http://www.ama-assn.org/ama/pub/news/news/2012-09-12-report-health-care-job-losses.page

Washington – The American Hospital Association (AHA), the American Medical Association (AMA) and the American Nurses Association (ANA) today released a new report that found up to 766,000 health care and related jobs could be lost by 2021 as a result of the 2 percent sequester of Medicare spending mandated by the Budget Control Act of 2011.

Fiscal cliff great concern than the - Eurozone crisis. Cause? RUNAWAY SPENDING

[ In Reply To ..]
http://www.aei.org/article/foreign-and-defense-policy/defense/its-not-just-defense-cuts-sequester-would-cripple-our-economy/

The nation's leading financial officials agree. Chairman of the Federal Reserve Ben Bernanke has argued that the economic recovering is being "held back" by the ongoing fiscal uncertainty, and that the country faces a "shallow recession" that could cost over one million jobs in 2013 if "unsustainable" fiscal policies are not reversed. Treasury Secretary Timothy Geithner agreed, stating that the fiscal cliff would lead "at least" to a recession next year.

Wider Impact of the Fiscal Cliff

Yet sequestration is only part of the problem. The fiscal cliff as a whole is clearly about a larger and more fundamental debate in Washington. It is no coincidence all of these events are set to happen at once after the presidential elections. In its most recent report, CBO lays out three alternatives for Congress to deal with the fiscal cliff. Each carries risks and advantages, but one path forward seems most reasonable: resolve the fiscal cliff now while coming to a broader agreement about long-term debt reduction.

The first option, according to CBO, is to -- gulp -- go over the fiscal cliff. Some have called this option a deliberate cliff dive. For some, the idea behind the jump is that while the country would suffer short-term economic pain, it would achieve some medium-term deficit reduction. It would reduce federal debt held by the public from 73 percent in 2012 to 58 percent in 2022. Sen. Patty Murray of Washington has indicated some willingness to go this route: "[I]f we can't get a good deal...that calls on the wealthy to pay their fair share...then I will absolutely continue this debate into 2013."

A quick look at the numbers, however, reveals that a cliff dive would be damaging and irresponsible. The effects of sequestration on the military and our national security are well documented by this point. The other domestic and economic effects of sequestration have gotten less attention.

A recent study by Regional Economic Models, Inc., demonstrates some of the harmful effects of non-defense sequestration on our economy. If sequestration goes into effect then professional and technical services would lose $600 billion in sales, the manufacturing sector would lose $400 billion, and finance and insurance services would lose close to $400 billion over the next 10 years. In 2013 alone, every American worker would lose up to $750 in income and a family of four would see its income reduced as much as $1,800. This would translate to roughly three million jobs lost during that period, on top of a reduction in GDP of some $300 billion a year. The unemployment rate could go up by about 2 percentage points.

According to testimony by Acting OMB Director Jeffrey Zients, sequestration would starve many domestic programs of needed funds. They would leave 16,000 teachers out of jobs, 700,000 women and children out of nutrition assistance, and 100,000 children out of the Head Start program. The National Education Association estimates much steeper job loss for teachers and educators, predicted 80,000 education jobs would be lost due to sequestration. Additionally, the National Institute of Health would be forced halt or curtail vital research, and the FAA would have to curtail operations at America's airports. One report by the Aerospace Industries Associationand Econsult Corp. predicted the potential closure of 246 airport control towers, 1,500 fewer air traffic controllers and the loss of 9,000 security screeners and 1,600 customs officers.

The Department of Health and Human Services has painted a similarly stark picture of how automatic spending cuts would impact daily operations. Under sequestration, the National Institute of Health might be forced to eliminate 2,300 new and competing research project grants, 80,000 fewer children would receive child care assistance, 12,150 fewer individuals would receive benefits through the AIDS Drug Assistance Program, 169,000 fewer individuals would be admitted to substance abuse treatment program, 14,200 fewer homeless individuals would receive assistance, and the Health Care Fraud and Abuse Control program would be disrupted, which saves $1.50 for every $1.00 spent therein. The National Oceanic and Atmospheric Administration weather satellite program would also see funding reductions, putting at risk life-saving warnings of severe weather.

All of this would cause real economic output in 2013 to contract by half a percent of GDP, and negative growth of 2.9 percent over the first half of 2013 would be officially termed a recession. This is not a realistic path forward, and moreover, it would not address the root problem of runaway spending. Because sequestration does little to curtail growing entitlement spending, letting it take effect keeps intact the major drivers or America's debt.

The second option available to Congress is to simply cancel sequestration without a long-term framework for debt reduction. However, this ignores our growing debt challenge and increases the likelihood of another sovereign debt downgrade, which could bring additional economic and market complications. Under CBO's alternative fiscal scenario -- which reverses most of the fiscal cliff policies -- real GDP growth would be roughly 1.7 percent in 2013, and the unemployment rate would be a full percentage point lower than under the fiscal cliff scenario.

However, this short-term growth would come with a cost. Debt held by the public would rise to 90 percent of GDP by 2022. This kick-the-can "solution" could wind up being as detrimental as careening off the fiscal cliff.

The only realistic option outlined by CBO is to moderate spending cuts in the short-term while crafting a long-term vision for comprehensive debt relief. As Chairman Bernanke has said:

The most effective way that the Congress could help to support the economy right now would be to work to address the nation's fiscal challenges in a way that takes into account both the need for long-run sustainability and the fragility of the recovery. Doing so earlier rather than later would help reduce uncertainty and boost household and business confidence.

Because of our runaway spending: teachers, - research, FAA, military, etc., will lose jobs.

[ In Reply To ..]
They would leave 16,000 teachers out of jobs, 700,000 women and children out of nutrition assistance, and 100,000 children out of the Head Start program. The National Education Association estimates much steeper job loss for teachers and educators, predicted 80,000 education jobs would be lost due to sequestration. Additionally, the National Institute of Health would be forced halt or curtail vital research, and the FAA would have to curtail operations at America's airports. One report by the Aerospace Industries Associationand Econsult Corp. predicted the potential closure of 246 airport control towers, 1,500 fewer air traffic controllers and the loss of 9,000 security screeners and 1,600 customs officers.

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