“Fiscal Cliff” – Increasingly Likely & Desirable?

Henry Makow Ph.D. – Nov 28, 2012

As you know, the “fiscal cliff” is a $600 billion combo of tax increases and spending cuts which will take effect in January, and lead to a recession. 
There is no way to avoid going “over this cliff ” except to tear up the Budget Control Act and kick the problem down the road. 
Even then, the GOP would have to agree to raise the debt ceiling.  
One way or another, the Piper has to be paid. $600 billion has to be raised. 
There are many ways to do this. Eliminating the mortgage interest deduction is an obvious one. This deduction is unique to the US. A valued added sales tax is another example. 
But there is no time for such bold action and both sides are digging in. 


One way or another, an annual 600 billion will come out of the economy.

Continues …