You have heard about it before. Taxmaggedon, as Heritage described it. The Fiscal Cliff, as described by the Treasury. It really doesn’t matter what the name is. We are facing a potential second recession, if not an outright depression if this is not solved.
And, I want to make this perfectly clear. This is a political problem, not an economic problem. Both parties punted last year, and failed on a budget. The “Supercommittee” failed, and we were left with a disagreement that leaves us with $501 Billion in tax hikes, coupled with $500 Billion in defense cuts.
Geesh. Both poorer and weaker. What kind of government do we have? Read the article here.