The Fiscal Cliff. What the f**k is it?

[Sarcalogos Roma]

I keep hearing all these news stories about the Fiscal Cliff and it's repercussions and how the price of everything will be going up because of it. I've spent the past few weeks hearing the media's most likely dramatized consequences of the Fiscal Cliff but I just don't know what it is. So I decided to ask you guys. What is the Fiscal Cliff? What's causing it and what are the real repercussions of it?

[Galloism]

Overblown, really.

[Esternial]

You know when you take a kid to a fair they get all excited and worked up because it looks so big to them while it's hardly that impressive from your point of view?

It's like this, but the crazy politicians and businessmen are the little babies and it's hardly as amusing as a fair.

[Ifreann]

It's another name for the Cliffs of Dover. Congress has to run off them and swim to France if they don't pass a budget.

[Napkiraly]

Just blame Canada.

[Frisivisia]

It proves that we need to impeach Obama.

[United Dependencies]

Fucking fiscal cliffs, how do they work?

[Napkiraly]

Fucking fiscal cliffs, how do they work?

Through erosion and weathering. *nods*

[Labyrnna]

Sorry to tell ya, but there's already a thread for it.

viewtopic.php?f=20&t=215889

As to the fiscal cliff deal, it was over-inflated by the media, but hopefully it shows the government what they are doing wrong.

[Threlizdun]

Fucking fiscal cliffs, how do they work?

They're miracles

[Romalae]

Theatre.

[Tubbsalot]

You're a bit late, they reached a deal on it a couple of days ago.

Back in 2010 or whenever the last big debt ceiling tantrum blew up, the two parties agreed that failing to pass a deal next time would result in a package of social spending cuts, military cuts and taxes rises which both parties would find unacceptable. This would ensure that the two sides would negotiate to get something out in time, and both sides bet on their coming out ahead as a result of the time limit. However, the Republicans didn't realise how insane many of their newly-elected House members were, and these members proceeded to block attempts at any sort of deal. The approaching cuts/tax raises would have been a pretty hard blow to the American economy, potentially sending it back into recession, hence the media-given name "the Fiscal Cliff."

[Euroslavia]

Sorry to tell ya, but there's already a thread for it.

viewtopic.php?f=20&t=215889

As to the fiscal cliff deal, it was over-inflated by the media, but hopefully it shows the government what they are doing wrong.

^ This. Read it.