Pushing America over the fiscal cliff

Last Tuesday, Barack Obama was re-elected president by winning both the Electoral College and the popular vote at 50 percent. But before his supporters get overly ebullient, they should keep in mind that on a bell curve, half of the curve is below average. However, on Friday the celebratory parties were cut short by one killer of a hangover. That's when most of the country (50.6 percent to be precise) woke up to learn about the "fiscal cliff" the country is facing. This did not come as a shock to most Romney supporters, but after Tuesday's drubbing, not much would. As a brief review, "fiscal cliff" is the term used to describe the expiration of the Bush-era tax cuts, automatic federal spending cuts and a significant reduction of the federal deficit that is set to go into effect at the end of 2012. In other words, taxes will increase, federal spending will decrease and there will be a sudden reduction to the deficit. One may ask: what does this mean for the country? According to the...(Read Full Post)