Would someone please explain what happens to ordinary people in the next two years if we go over the cliff?
How does life change other than more taxes?
Yeah... That is what lies ahead of us. Sooner rather than later...
First, the gubermint checks will stop, and then dependent class will either starve where they sit or burn the cities to the ground.
After the cliff? After the cliff taxes will be meaningless.
People talk about how much is owed by the US govt to China, but in truth thats only a small part.
Most of the borrowed $$$ are owed to American citizens. So lots of people are going to go broke and LOTS of small - med businesses are going to bankrupt.
Food, gas and other day to day necessities are going to be unaffordable to most because we only have a 30 day supply on hand and most of their cost is in transportation or the fuel to grow them. Gas is gonna skyrocket making EVERYTHING unaffordable.
Chaos after that.
Hope I'm wrong. But think that's a pretty accurate scenario.
What happens to ordinary people in the next two years if we go over the cliff.
Very close to 1929 right now big lay offs are starting wouldn’t be surprised if a run on the banks start.