Saturday, December 1, 2012

The scare tactics of the fiscal cliff

There is a lot of talk about the U.S. falling off a fiscal cliff (due to the expiration of Former President Bush era tax cuts that were set to expire ten years after its enactment namely at the end of 2012). And although there have been different reports about how it would hurt the economy and individuals and business as a whole, all this scare tactics have made a little tired of why can't this uncertainty be finished so that we can get on with our lives. Every day I read the newspapers and internet and every day the same headlines in all of them about how the earth will come to an end (like the Mayan Calendar in 2012) if we fall off this fiscal cliff and how much urgency should be resolve this uncertainty but come on, even if there is no deal by the end of the year, sky would not fall. We will all be here but with little less money in our pockets, everything will be functioning although with more stress and less money and people will still be cursing the congress and the government for not compromise on issues. Ultimately there would be compromise, although in that compromise some people will be losers and some will be winners in terms of how much tax they will have to pay. Then the blame game will start again that who did what to save which interest group in this tax talks. So here it is ladies and gentlemen, welcome to the United States Government.

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