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Everything You Need to Know About the Fiscal Cliff (WSJ Video with excellent animation )
WSJ ^ | 10/31/2012 12:18:54 PM7:31

Posted on 11/09/2012 11:39:33 AM PST by Ernest_at_the_Beach

Last August, President Obama and Congress put the U.S. economy on course to go over a "fiscal cliff." WSJ's David Wessel tells you everything you need to know about the "cliff" but were afraid to ask.

Video at the link...really nicely done....

(Excerpt) Read more at live.wsj.com ...


TOPICS: Business/Economy; Society
KEYWORDS: economy; fiscalcliff

1 posted on 11/09/2012 11:39:37 AM PST by Ernest_at_the_Beach
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To: sneakers

bump to view later


2 posted on 11/09/2012 11:43:41 AM PST by sneakers (Go Sheriff Joe!)
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To: Ernest_at_the_Beach

All you need to know about the “fiscal cliff” is Republicans better not, under ANY circumstances “cooperate” or “join in” with Obama’s “plans.” The Dems are absolutely manic that Republicans “go along,” which means they are well aware that absolute disaster is coming and they don’t want to own it alone. Let them.

The result of Tuesday’s election could well be 50 million or so Americans suddenly being forced to confront reality. “THAT INEPT SOB LIED TO US! WTF??????”


3 posted on 11/09/2012 11:44:17 AM PST by JennysCool (My hypocrisy goes only so far)
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To: JennysCool

Conservatives are in an impossible situation.

The result is as bad if they go along as if they don’t


4 posted on 11/09/2012 11:47:18 AM PST by SMARTY ("The man who has no inner-life is a slave to his surroundings. "Henri Frederic Amiel)
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To: Ernest_at_the_Beach

bttt


5 posted on 11/09/2012 11:48:02 AM PST by The Californian (The door to the room of success swings on the hinges of opposition. Bob Jones, Sr.)
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To: Ernest_at_the_Beach

BFL


6 posted on 11/09/2012 11:48:32 AM PST by xvq2er
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To: Ernest_at_the_Beach

We need to let it happen: Across the board tax increases that include the 47% and across the board spending cuts that target social programs as well as defense. Any other “compromise” will simply reward the takers and keep social programs intact.


7 posted on 11/09/2012 11:49:55 AM PST by Behind Liberal Lines
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To: SMARTY
Conservatives are in an impossible situation.

The result is as bad if they go along as if they don’t


You must go on principle more than ever. How great would it be if Boehner said here's our resolution/bill - Kill Obamacare (can't afford it anyway), make Bush tax cuts permanent, then slice and dice other pork from budget - pass that bill, send it to the Senate and then RECESS congress - how hard is that? All spending resolution authority resides in the House, yet they still won't man up to it!
8 posted on 11/09/2012 11:51:41 AM PST by RushingWater
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To: The Californian

If the GOP stands it’s ground the Bush tax cut turns to Obama tax hike on it’s own Jan 1 , Obamacare adds another 500 billion in tax hikes ,2013 will be a good year


9 posted on 11/09/2012 11:52:56 AM PST by molson209
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To: Grampa Dave; SierraWasp; NormsRevenge; TigersEye; Marine_Uncle; onyx; SunkenCiv; blam; bd476; ...

The Video is pretty quick .

The animation is good.


10 posted on 11/09/2012 11:52:58 AM PST by Ernest_at_the_Beach ((The Global Warming Hoax was a Criminal Act....where is Al Gore?))
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To: Behind Liberal Lines

Hand him the 9% flat tax, add a 11% rate for $250k and above, and then go home for Christmas.


11 posted on 11/09/2012 11:54:20 AM PST by Son House (Romney Plan: Cap Spending At 20 Percent Of GDP.)
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To: Ernest_at_the_Beach

Can I ask, why aren’t we in FAVOR of going off the fiscal cliff? Government needs to be called to account for its mismanagement, it’s not going to happen so long as it successfully just keeps on pushing the problems they’ve created under the rug for a later generation to deal with.

It’s the same problem with paying your taxes. If the government made you write them a check every pay period, instead of doing an automatic deduction, there would be rioting in the streets when people realized how much they are being ripped off for.


12 posted on 11/09/2012 11:55:11 AM PST by kaehurowing
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To: SMARTY

Not impossible at all, just let the Libs go ahead with their “plans.” Let Americans see how completely inept they are. Once and for all.

Americans may have re-elected Obama, but their patience with him is wearing VERY short indeed. If there isn’t some improvement and FAST, he’ll find even his supporters turning against him. And once the well of American sympathy is empty, it’s Katie bar the door.


13 posted on 11/09/2012 11:55:40 AM PST by JennysCool (My hypocrisy goes only so far)
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To: RushingWater

No one HERE would fault him if he had the stones for THAT!


14 posted on 11/09/2012 11:56:54 AM PST by SMARTY ("The man who has no inner-life is a slave to his surroundings. "Henri Frederic Amiel)
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To: Ernest_at_the_Beach
I would not be surprised if the GOP (lead by weepy) caves on this, fearing how they will be deep-fried by the media as the sole cause of everything bad that would happen should the U.S. go over this 'cliff'. Because that's exactly what would happen.

That said, I find this fellow's analysis to be generally good, except for his take on defense spending. He completely ignores what a drastically downsized U.S. military would mean to world stability. Does he think all those nations he mentions are going to suddenly bolster their forces to make up for the deficit?

The U.S. has long provided a vast security blanket for most of the rest of the western world, like it or not. Take that away, and the upheavals that would result would make things like the deficit look like small potatoes.

My view from the saddle...

15 posted on 11/09/2012 12:01:39 PM PST by Joe Brower (Sheep have three speeds: "graze", "stampede" and "cower".)
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To: SMARTY

Actually, the fiscal cliff may not be that bad. I think it only cuts 1 trillion and change off the deficit over ten years. That’s a drop in the bucket.


16 posted on 11/09/2012 12:02:54 PM PST by ModelBreaker
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To: JennysCool

They will blame the GOP no matter what


17 posted on 11/09/2012 12:04:51 PM PST by GeronL (http://asspos.blogspot.com)
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To: SMARTY
Conservatives are in an impossible situation. The result is as bad if they go along as if they don’t

Just another example of why this nation is a lost cause. I'll bet that in 30 yrs this nation will be divided into 3 or 4 regions or one great big totalitarian/commie cesspool.

18 posted on 11/09/2012 12:05:06 PM PST by Digger
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To: ModelBreaker
WE know that, but the millions of fat lazy cows who have been living of gov’t largess for so long, would be lost!
19 posted on 11/09/2012 12:06:54 PM PST by SMARTY ("The man who has no inner-life is a slave to his surroundings. "Henri Frederic Amiel)
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To: Ernest_at_the_Beach
I followed the Drudge link to read about the Murray Energy CEO and his prayer to his employees before announcing layoffs. It was heart wrenching to me, but not to those who responded to the WaPo article. Good lord, it's much worse than I thought.

I think what I read in those comments is why we have World Wars, world wide famines and diseases that decimate the population.

We just go too far down the dark path, we get too far off the plan and maybe it becomes clear to God, our Father, that we, his children, need a lesson and a reset, so He clears the board.

It's deja vu all over again, baby. Let me be among the first to say:

Welcome to blue states of Sodom and Gomorrah. Hope you have a happy Isaiah 9:10!

20 posted on 11/09/2012 12:09:24 PM PST by GBA (Here in the Matrix, life is but a dream.)
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To: GeronL

***** “They will blame the GOP no matter what” ******

Not if the GOP goes over the top of the Media ...
Fight 0bama then when the Dems Plan comes up for a Vote just do what zero did vote “Present” and make sure the DEMs own the Legislation and it’s Consequences

TT


21 posted on 11/09/2012 12:13:26 PM PST by TexasTransplant (Radical islam is islam. Moderate islam is the Trojan Horse.)
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To: SMARTY
You must go on principle more than ever. How great would it be if Boehner said here's our resolution/bill - Kill Obamacare (can't afford it anyway), make Bush tax cuts permanent, then slice and dice other pork from budget - pass that bill, send it to the Senate and then RECESS congress - how hard is that? All spending resolution authority resides in the House, yet they still won't man up to it!

If they did this, then Obama would own the fiscal cliff and his health care would be the ball and chain escalating him down !! What a smart move - too bad the GOP is stuck on sissy and stupid!
22 posted on 11/09/2012 12:22:04 PM PST by RushingWater
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To: Ernest_at_the_Beach

That was Great Falls on the Potomac - Maryland side. Cool cliffs and great hiking - Billy Goat Trail.


23 posted on 11/09/2012 12:22:23 PM PST by KingLudd
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To: Ernest_at_the_Beach

A few years back I used the term “the gig is up”. So many of us saw this day coming. Now it is upon us.


24 posted on 11/09/2012 12:24:59 PM PST by Marine_Uncle
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To: TexasTransplant
Not if the GOP goes over the top of the Media ...

That was pretty funny considering what just happened

25 posted on 11/09/2012 12:25:25 PM PST by GeronL (http://asspos.blogspot.com)
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To: Ernest_at_the_Beach
Thanks. I found it to be a little biased towards what the Dems want. He went to some length describing the size of the DOD budget and its comparison with the rest of the world. You are left with the impression that this is one area where large cuts can be made. No discussion of cutting welfare programs and their impact.

Even with 63% of the budget on automatic pilot, I find it difficult to understand why it is so hard to cut 100 billion a year from a $3.7 trillion annual budget. The reality is that the political class is so used to having no real spending cuts, just cuts in the growth of spending. that it seems an impossible task to them.

The author makes a big deal about the lack of revenue but fails to mention that we are spending 25% of GDP, something we haven't done since WWII.

26 posted on 11/09/2012 12:27:51 PM PST by kabar
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To: Ernest_at_the_Beach

bfl


27 posted on 11/09/2012 12:27:54 PM PST by gibsosa
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To: kabar

welfare cost is about 70% bureaucracy

Cut the bureaucracy in half by merging programs and save hundreds of billions without even cutting benefits.


28 posted on 11/09/2012 12:33:33 PM PST by GeronL (http://asspos.blogspot.com)
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To: Behind Liberal Lines
We need to let it happen: Across the board tax increases that include the 47% and across the board spending cuts that target social programs as well as defense. Any other “compromise” will simply reward the takers and keep social programs intact.

Agreed. Let them own it, wear it, drive it, try to get it out of the mud. Elections have consequences. Let's see what they do with it -- without us.

Someone might say: "B-b-b-b-ut, that would mean the end of America as we know it."

But that would be false. That already happened Tuesday night.

29 posted on 11/09/2012 12:36:46 PM PST by Migraine (Diversity is great; until it happens to YOU.)
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To: everyone; Ernest_at_the_Beach
B T T T ! ! ! ©

30 posted on 11/09/2012 12:47:55 PM PST by onyx (FREE REPUBLIC IS HERE TO STAY! DONATE MONTHLY! IF YOU WANT ON SARAH PALIN''S PING LIST, LET ME KNOW)
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To: kaehurowing

I am not in favor of going over the Fiscal Cliff Claven. But I don’t see any other way that government is going to make meaningful cuts to its spending. Look, meltdown, in one form or another is now inevitible. Might as well bring it on sooner rather than later.


31 posted on 11/09/2012 1:00:31 PM PST by fhayek
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To: fhayek

Exactly. The chickens need to come home to roost for Obama and Congress now. When the country goes off the cliff people will finally have their eyes open to what our government has done to us.


32 posted on 11/09/2012 1:42:32 PM PST by kaehurowing
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To: fhayek

Exactly. The chickens need to come home to roost for Obama and Congress now. When the country goes off the cliff people will finally have their eyes open to what our government has done to us.


33 posted on 11/09/2012 1:49:28 PM PST by kaehurowing
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To: SMARTY
If any of them had nuts, they would let it go right over the edge, just like what should of happened to the banks in 2008 and GM.


34 posted on 11/09/2012 3:51:41 PM PST by ex91B10 (We've tried the Soap Box,the Ballot Box and the Jury Box; ONE BOX LEFT!)
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To: Joe Brower
"I would not be surprised if the GOP (lead by weepy) caves on this, fearing how they will be deep-fried by the media"

A lot of people are realizing that major media no longer serves it's intended purpose. I think they have an "approval" rating just above that of the congress.


35 posted on 11/09/2012 3:56:47 PM PST by ex91B10 (We've tried the Soap Box,the Ballot Box and the Jury Box; ONE BOX LEFT!)
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To: Ernest_at_the_Beach

Good clip. Thanks.


36 posted on 11/10/2012 11:58:12 AM PST by houeto (https://secure.freerepublic.com/donate/)
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