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President Barack Obama Wins Reelection; Now Comes The Fiscal Cliff

November 9th, 2012


The results of America’s 2012 presidential election were barely finalized when the political establishment immediately shifted gears, now focusing on what is being referred to as the nation’s “fiscal cliff.” This dire term involves a convergence of two hour glasses running out of sand. One is expiration of the so-called “Bush tax cuts,” the radical reduction in upper income taxation during the Bush presidency that transformed America’s fiscal balance sheet from questionable surplus (only surplus with fuzzy accounting on future Medicare and Social Security obligations). The other is the automatic cutbacks in federal spending that take effect without a negotiated bipartisan deficit reduction agreement

Washington’s massive structural mega-deficits are unsustainable. However, a radical, unplanned reduction done like cold turkey will crash the economy, resulting in a revenue shortfall  for the government, and the retention of a massive deficit.

How will the politicians in Washington DC behave? Like adults? Possibly, because of market terror at the alterative. However, with the Republican Party very bitter towards President Obama for having the audacity to defeat his GOP challenger, don’t be too hopeful that the GOP will put aside its political agenda for the national interest.






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