Real estate investor Sam Zell suggests that “falling off” the “fiscal cliff” could be the wakeup call the U.S. needs to tackle its long-term deficit problem. Here is a direct link.
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Real estate investor Sam Zell suggests that “falling off” the “fiscal cliff” could be the wakeup call the U.S. needs to tackle its long-term deficit problem. Here is a direct link.
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I just checked out the “details” of the fiscal cliff on wikipedia:
http://en.wikipedia.org/wiki/United_States_fiscal_cliff
It sounds pretty mild and I sincerely hope they do not kick the can down the road. It sounds like a good start – a little pain for most of us. It sounds like the medicine we need, although it is ONLY a start. They need to do it again each year until the budget is balanced.
To call it a “cliff” is laughable – it is hardly perceptible as a down-slope. As a percentage of GDP, from 2012 to 2013 revenue will go up from 15.7% to 18.4% and spending will fall from 22.9% to 22.4%. HA! What a joke.
Its more like a horrific ski jump….like Pergatory or Jackson Hole. Shoot way way up, then hold your breath and avoid the projectile vomiting as you perceive your own death. Except this time we didn’t initiate the jump…THEY DID. But we suffer, and so will our kids and our grandchildren.
BTW, Pimco is now admitting gold and precious metals ‘make sense’ by QE3 starting.
It is unfortunate that the “cliff” everyone keeps alluding to, that my generation has to jump off of, is the manifestation of poor decisions made by my parents and grandparents. I suppose the only way to survive the fall is to strap on a “golden parachute” with “silver lining.”
Peter Schiff will now school you on the “real” fiscal cliff. Take notes (the fiscal cliff info starts at 7:07 into the video). Mr. Schiff predicted the housing crash so he has some credibility.
http://www.youtube.com/watch?v=wD6MNpP0GbM
The Fiscal Cliff article by Peter Schiff:
http://www.europac.net/commentaries/real_fiscal_cliff