Brinksmanship is for show and headlines. The Congressional Budget Office (CBO) estimates a 4% GDP hit without agreement by both sides.
Cancelling Thursday's vote was tactical. Both sides remain on board in principle. Agreement in some form can come post-Christmas, post-New Year's or later. March 27 is the only deadline that matters. Expect no problem reaching it in time.
Why act now when doing so looks like capitulation. Toughmindedness keeps party faithful loyal. As long as corporate bosses remain on board, resolution will come in time to avoid trouble.
Fiscal cliff hype is political and media scoundrel deception. In reality, no short-term apocalyptic times loom. Suggesting it is doublespeak duplicity. Scare headlines comes at the expense of reality.
Most people don't understand so they believe them. They'd know otherwise if they relied on legitimate alternative sources for news, information and analysis.
Media scoundrels avoid it. They and politicians thrive on deception. It's prioritized to pursue policies benefitting America's 1% at the expense of all others.
In its November 2012 report, the CBO estimated a $503 billion 2013 economic hit if tax cuts expire and spending cuts become effective January 1. Another $682 billion will follow in 2014.
Only $85 billion in 2013 represents spending cuts. It amounts to $20+ billion per quarter. It's matters little in a $15 trillion economy. In 2013, it's expected to exceed $16 trillion.
The other $418 billion represents expiring Bush era tax cuts and ending the 2% payroll tax holiday.
Imposing it was a stealth scheme to drain hundreds of billions from the Social Security Trust Fund. Doing so irreparably weakens its ability to pay future benefits.
Assuring it or creating that impression remain policy. At issue is wrecking the program. Privatizing may come first. Medicare and public pensions face similar threats. So do Medicaid, education, food stamps, and other social safety net protections by other means.
Dark forces never rest. Their bottom line is thirdworldizing America. They're on track toward doing it.
Increasing or cutting taxes have little economic effect. Mainstream economists understand but don't explain. Nor do media scoundrels. They prefer scare tactic headlines.
Productive economic investment matters most. Job creation relies on it. Incomes are generated. When people have money they spend it.
Tax cuts corporations got were hoarded. Corporate America has $2 trillion stashed away. It's largely not invested. Throughout 2012, business investment declined.
Other amounts are used for stock buybacks, acquisitions, dividends, offshore activities, and speculation.