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General News    H2'ed 12/19/12

The Myth of the Fiscal Cliff: Another False Apocalypse

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The CBO report that fear mongers cite to support claims of an economic meltdown states, "the economic outcomes CBO expects, under current law, for the first half of 2013 strongly resemble mild recessions that occurred in the past.   It bears emphasizing, however, that economic forecasts are very uncertain."   (CBO. Economic Effects. Pg. 6) The CBO goes on to state that the U.S. will experience far greater consequences if revenue is not increased through taxation and federal spending is not decreased.  

 

Negotiations drag on in Washington with media hysteria pushing the Democrats and Republicans to strike a deal that could include the permanent extension of the Bush era tax cuts to avoid economic catastrophe.   The "fiscal cliff' and the tales of doom that surround it are, according to the CBO and numerous experts in the field, just exaggerations and tall tales.   The "fiscal cliff' appears to be another 2012 apocalypse theory that is debunked, upon close examination, by the same sources being cited to support it.

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Abigail W. Adams is a freelance researcher and writer. Her areas of expertise include National Security, Middle Eastern Affairs and the financial industry. She is founder of The Information Collective.
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