The essence of “Fiscal Cliff”
I’ll say straight out: You won’t like it. Many will hate it. It will result in less money in your pocket, costlier medical coverage, higher unemployment, a leaner military and a new recession. But the alternative – to can Fiscal Cliff – will be worse, much worse.
The problem that Fiscal Cliff is intended to solve is to reduce the Deficit by approximately $120 billion a year or $1.2 trillion over 10 years. If achieved, this will ease the national debt burden which otherwise could crush the economy, though not eliminate it. This will delay the Dollar Crash, though not prevent it. It will buy the U.S. time to find a long term solution to bypass the Economic Collapse, if one exists.
It involves moving about $500 billion a year from society at large into the government coffers, so that the government need borrow less money than otherwise.
This is to be accomplished by 1. increasing tax revenue, and 2. reducing social and military expenditure.
It is essentially an austerity measure which will likely result in a painful recession, but will hopefully forestall a crushing depression.
Anthony Marr, Founder and President
Heal Our Planet Earth (HOPE)
Global Anti-Hunting Coalition (GAHC)