12-17-2012, 03:01 PM
The cliff isn't just about bush tax cuts expiring but also about the automatic spending cuts. Basicly pretty aggressive austerity measures that will hurt on the short term more then people realize.
But on the bush tax cuts, as it stands, the average middle class person will see a raise in taxes in the area of 1900. Thats about 158 a month that will all of a sudden start comming out of peoples checks. Couple that with defence spending cut based layoffs, and I think punting is going to be a bad idea.
The funny thing is I don't think those middle class people understand that yet. That's a car payment for many. They don't realize their net is about to get smaller. If they did they would be screeming now as oposed to the first time they get their 2012 check.
I'm betting on a punt also, or a "we will fix it in January"..... both are terrible for the economy.
But on the bush tax cuts, as it stands, the average middle class person will see a raise in taxes in the area of 1900. Thats about 158 a month that will all of a sudden start comming out of peoples checks. Couple that with defence spending cut based layoffs, and I think punting is going to be a bad idea.
The funny thing is I don't think those middle class people understand that yet. That's a car payment for many. They don't realize their net is about to get smaller. If they did they would be screeming now as oposed to the first time they get their 2012 check.
I'm betting on a punt also, or a "we will fix it in January"..... both are terrible for the economy.
Maul, the Bashing Shamie
"If you want to change the world, be that change."
--Gandhi
![[Image: maull2.gif]](http://bengtel.com/maull2.gif)
"If you want to change the world, be that change."
--Gandhi