An Up-Close Look at America’s Fiscal CliffPosted by Randy | November 19, 2012
The term “fiscal cliff” was coined by Ben Bernanke, Chairman of the Federal Reserve, in early 2012, when he testified before Congress saying, “Under current law, on January 1st, 2013, there is going to be a massive fiscal cliff of large spending cuts and tax increases.” The phrase quickly gained popularity as a useful catch-all to describe a combination of year-end policy events including significant impending tax increases, sharp sequestration budget cuts, and the expiration of several stop-gap provisions ranging from doctor reimbursements to unemployment benefits.
Today, the term “fiscal cliff” dominates the local headlines, national news, and blogosphere. But what exactly is the fiscal cliff and how does it impact you? I have put together this primer to break down the fiscal cliff, to share facts on how these policies might impact you and your job, and to offer my views on how we can avert our nation’s most pressing and significant challenge.
Please share this primer with others that might find it informative. Then, weigh in below, take my instapoll, join the discussion on Facebook or e-mail me via my webform. Your voice is important. I look forward to hearing from you.
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