Two Federal Reserve officials warned Tuesday that the U.S. could be heading for a "fiscal cliff" at year's end if mandated tax increases and spending cuts are implemented.Obama will do his best to allow the tax hikes to go into effect while canceling the spending cuts - liberal nirvana and a sure path to economic collapse.
Charles Evans of the Chicago Fed called the cliff a "big uncertainty" while Atlanta Fed President Dennis Lockhart said there could be a "financial shock" if markets begin to anticipate that Congress and the White House do little to address this situation.
The expected tax increases and spending cuts were triggered when a congressional "super committee" failed to come up with a way of closing the federal budget deficit.
Wednesday, May 02, 2012
The Coming Fiscal Cliff
Look out below!
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I agree with the tax cuts part, but how do spending cuts factor into financial shock? Was America in perpetual financial shock before Obama, Pelosi and Reid started spending away the future?
These officials are trying to avoid being labeled 'partisan', but how do they expect to fix a problem if they can't even tell the truth about it?
We've gotten this deep in the hole because people like this, people in the know, kept their mouths shut when they should've been screaming from the mountain tops. And for what? Their lucrative careers?
"It profits a man nothing to give his soul for the whole world... but for Wales?"
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