|An actual cliff.|
How bad is this 'cliff'? Is the USA going to grind to a halt as our nation plummets down an abyss and then bursts into a fireball when it hits the ground? Thats how going over a cliff works right?
The Camber of Commerce site has what they call 'A visual Breakdown' of the Fiscal Cliff. Not exactly the visual I was wanting, but its a start. They list the different tax and spending changes that are set for 2013. I count up $384B in tax increases.
How does that amount compare to the federal tax revenue over previous years?
Here is the cliff as I'd visualize it :
This cliff looks more like a weak speed bump to me.
Now I am only looking at the revenue side. There is also some impact to spending side. But I think thats even much less dramatic. Cutting spending from expected $3.7 trillion to a mere $3.6 trillion doesn't seem like much of a big deal.
Photo By Elsie esq.
* edit, fixed a spelling error. I knew that 'petal to the metal' didn't look right.