1. Hi Guest: Welcome to TRIBE, Toronto's largest and longest running online community. If you'd like to post here, or reply to existing posts on TRIBE, you first have to register on the forum. You can register with your facebook ID or with an email address. Join us!

The fiscal cliff: isn't it a good thing? What is the fuss about?

Discussion in 'Politics (deprecated)' started by alexd, Dec 26, 2012.

  1. alexd

    alexd Administrator Staff Member

    So if I understand it correctly, if the Democrats and the Republicans in the US can't come to some sort of agreement on postponing or stopping this automatic legislation, huge cuts to government spending and broad tax increases across the board will automatically come into effect.

    Isn't it about time? Instead of borrowing money from their grand-kids and great grand-kids to give tax cuts to today's millionaires, and keeping the military-industrial complex happy with their $5000 screwdrivers and billion dollar aircraft, shouldn't they start living within their means?

    Isn't the fiscal cliff a great way to make sure that happens?
     
  2. danielablau

    danielablau TRIBE Promoter

    Except that when it happens people no longer can pay their bills, mortgages etc. and a quick crashing of the economy......if I understand things right.
     
  3. Yeah, this would trigger another recession, and likely take us with them.

    Personally I think the Republicans are being absolute retards about this, as many of them were stupid enough to sign Grover Norquist's pledge to never raise taxes so long as they're in office. It might have been politically convenient for showboating purposes during the years Clinton was in office and made for great theater when Newt Gingrich was speaker of the house, but they should have realized how politically suicidal this was in the long run.
     
  4. skin deep

    skin deep TRIBE Member

  5. alexd

    alexd Administrator Staff Member

    So there is no way to make the necessary changes to the economy without crashing the economy?
     
  6. rswbrixton

    rswbrixton TRIBE Member

    the markets reaction to this is gonna suck donkey balls . if no deal at midnite dec31/12 - then a number of tax cuts introduced years ago roll back up , payroll taxes back up , budget spending reduced/halted . the debt ceiling is reached again on monday .

    this is goin to be a classic one step forward two steps back . i hope they get their shit together - but really , it only defers the inevitable - the shit soon has to hit the fan .

    markets are already in a pause or standstill the last few sessions . anxious to see what happens- or does not happen next week .
     
  7. alexd

    alexd Administrator Staff Member

    Does anyone even mention the word austerity in the United States?
     
  8. Bass-Invader

    Bass-Invader TRIBE Member

    because certainty is a fundamental underpinning of a functioning economy and the existence of this completely manufactured ceiling removes it. long term economic policy goes out the window to make way for short term 'compromises' which get even less done, and probably do more harm.

    Economies do not function like credit cards.
     
  9. rswbrixton

    rswbrixton TRIBE Member

    yeah its all good if growth remains a 2.5-4% annually - but the great decline is on - more takers than givers - and the numbers wash will soon hit the rinse cycle .
     
  10. There is, but that involves a lot of politicians losing their jobs next election cycle, if either side gives in.
     
  11. kuba

    kuba TRIBE Member

    good one!
     
  12. derek

    derek TRIBE Member

  13. JamesM

    JamesM TRIBE Member

    as obama put it, enough with teh brinkmanship.. it fucks with the market. and it's just plain nasty way of doing business.

    now the debt ceiling is next! Last time they blinked that shit their credit rating took a hit.

    way to go. looks like how they do business in the NHL.
     

Share This Page