Off Topic: The Flood
This topic has moved here: Subject: US To Avoid Fiscal Cliff
  • Subject: US To Avoid Fiscal Cliff
  • Pages:
  • 1
  • 2
  • of 2
Subject: US To Avoid Fiscal Cliff
  • gamertag: [none]
  • user homepage:

Discuss.

Took long enough but it got worked out kinda.

  • 01.02.2013 6:05 AM PDT

I was watching this on CNN hungover. Couldn't comprehend a damn thing. Lolololol.

  • 01.02.2013 6:06 AM PDT
  •  | 
  • Exalted Legendary Member
  • gamertag: Kivell
  • user homepage:

Posted by: Achronos
Hey, guys, what's going on in this thread?
Someone tell Kivell that he is a lie.


Get WorkPlaced!

I kind of didnt want to see a deal done.

  • 01.02.2013 6:07 AM PDT
  • gamertag: [none]
  • user homepage:

Foman is my favorite moderator. <3

Stock futures are set to pop at market open today because the deal went through relatively cleanly.

Gonna make some money today brahs.

  • 01.02.2013 6:08 AM PDT

~:O>~~

We didn't (us in america) avoid a fiscal cliff... this just means that the taxes are going to increase for the wealthy ones while spending cuts that affect most of us will take place.

No more federally funded internship opportunities for us anymore!

  • 01.02.2013 6:19 AM PDT
  • gamertag: [none]
  • user homepage:

Foman is my favorite moderator. <3


Posted by: Kivell
I kind of didnt want to see a deal done.

While I can see the appeal of going over the cliff (return to Clinton Era tax rates, big baseline cut to almost all federal programs), short term the pain would not have been pleasant.

I'm all for cuts to programs, but I'd prefer them phased in rather than bluntly applied. Of course, we might not have ever gotten those cuts another way, so you might be right in that sense.

  • 01.02.2013 6:20 AM PDT
  • gamertag: [none]
  • user homepage:

For all questions with answers unknown to you, the proper procedure is to assume the answer is peanut butter.

While that may be true, I'm just going to pretend otherwise.

I honestly don't care anymore.

  • 01.02.2013 6:27 AM PDT
  • gamertag: [none]
  • user homepage:

And this affects markets in Europe somehow

  • 01.02.2013 6:30 AM PDT
  • gamertag: [none]
  • user homepage:

Foman is my favorite moderator. <3


Posted by: A fatman 3000
Someone mind explaining to little old me what this is about?

Long story, but last year US Congress put into place automatic spending cuts and tax increases in order to try and spur cooperation between political parties. They were set to go into effect January 1st. Political gridlock on a deal pushed a resolution to those cuts right up until now.

We're talking about a trillion dollars in tax increases and spending cuts. If a deal had not been reached, the US was forecast to have been pushed back into recession.

Posted by: lightlamp2
And this affects markets in Europe somehow

Of course. US and Europe are major trading partners - a weakened United States would have been bad news for European companies. The entire world is interconnected.

[Edited on 01.02.2013 6:33 AM PST]

  • 01.02.2013 6:32 AM PDT

Didact's Reprisal -
Now is the time of our unworlding
One final effort is all that remains
And I am not afraid
We shall fulfill our promise
We fight for the grace of the Mantle
And this time none of you will be left behind

"It also allows taxes on capital gains and dividends to go up, and extends benefits of the unemployed."

So, will that balance out/be profitable or will these increased benefits put the US further into debt?

  • 01.02.2013 7:00 AM PDT
  • gamertag: [none]
  • user homepage:

:)

I actually have no idea. What is a "fiscal cliff"?

  • 01.02.2013 7:01 AM PDT
  • gamertag: [none]
  • user homepage:

Foman is my favorite moderator. <3


Posted by: Im SteelAssassn
"It also allows taxes on capital gains and dividends to go up, and extends benefits of the unemployed."

So, will that balance out/be profitable or will these increased benefits put the US further into debt?

Nope, not fully. Last year's cost of unemployment extension was about $40 billion.

Total tax receipts from capital gains each year is about $80-100 billion - but this increase only hits the new top income bracket - $450,000 or more in income. But of course, the largest portion of capital gains taxes comes from this group anyway.

If the capital gains tax rate hit everyone, not just the new top wealthy bracket, it would have probably paid for it. But people like me won't be hit by it and I pay a lot of capital gains each year.

[Edited on 01.02.2013 7:11 AM PST]

  • 01.02.2013 7:10 AM PDT

Political Discussion, but I wont be an Ass and derail the thread over it.

Basically we're 16 trillion* dollars in debt, The Fiscal Cliff is that if Congress and Obama didn't come up with any ideas to handle the economy by the new year, automatic tax increases and spending cuts would go into effect to cut the debt in half but trigger a recession. A deal was made at around Midnight of the new year.

*Thank you for the correction

Posted by: jross1993
I actually have no idea. What is a "fiscal cliff"?


[Edited on 01.02.2013 7:16 AM PST]

  • 01.02.2013 7:13 AM PDT
  • gamertag: [none]
  • user homepage:

Foman is my favorite moderator. <3


Posted by: Gaara444
Basically we're 14 trillion dollars in debt

**$16.3 trillion

Funny how fast it goes up. $14 trillion was accurate a year ago or so.

  • 01.02.2013 7:15 AM PDT
  • gamertag: [none]
  • user homepage:

:)


Posted by: Gaara444
Political Discussion, but I wont be an Ass and derail the thread over it.

Basically we're 16 trillion* dollars in debt, The Fiscal Cliff is that if Congress and Obama didn't come up with any ideas to handle the economy by the new year, automatic tax increases and spending cuts would go into effect to cut the debt in half but trigger a recession. A deal was made at around Midnight of the new year.

*Thank you for the correction

Posted by: jross1993
I actually have no idea. What is a "fiscal cliff"?

Ahh okay, thanks.

16 trillion dollars, eh? I can't even comprehend how the United States has that much debt.

  • 01.02.2013 7:21 AM PDT

It was a last-minute fix that solved far fewer problems than it could have.

The American Way.

  • 01.02.2013 7:31 AM PDT

Ah yes, the can has been kicked down the road. But how far was it kicked?

  • 01.02.2013 7:39 AM PDT

I've gotten so tired of hearing about all of this. The fact that it took so long to reach an agreement is beyond stupid. I really don't care anymore. Life will go on, even if it may be a bit more difficult in the coming years. That's life.

  • 01.02.2013 7:41 AM PDT

I think that Obama wanted the Republican deal too.

  • 01.02.2013 7:42 AM PDT

Tax increases and no decrease in spending. Basically what the left wanted.

  • 01.02.2013 7:46 AM PDT

Do everyone a favor, get some intelligence, grow a set, bust a nut, and shut the fu­ck up.
Posted by: Anto91
you're retared for not knowing inside jokes
retard


Posted by: Kivell
I kind of didnt want to see a deal done.

  • 01.02.2013 7:47 AM PDT
  • gamertag: [none]
  • user homepage:

Foman is my favorite moderator. <3


Posted by: Hachee Bungwhy
Ah yes, the can has been kicked down the road. But how far was it kicked?

Couple months.

You can note the strategy by Democrats (who obviously held better bargaining power) in making the spending cuts come up for discussion in March 2013.

February 2013 is when the debt ceiling issue will come up again, as the Treasury will have exhausted its ways of avoiding having to borrow more money.

Democrats did not want the dates to coincide so that Republicans could use the debt ceiling as a bargaining chip for higher spending cuts when the postponed fiscal cliff spending comes up.

  • 01.02.2013 7:48 AM PDT
  •  | 
  • Elder Mythic Member

There is just something magical about leaning your head back, letting your eyes roll into the back of your head, and taking a piss while floating in the swimming pool.

Cliff hasn't been avoided. Taxes are going up and spending isn't even being cut really at all.

Obama and the democrats and now the republicans are driving us all over the cliff in 2013!

I hope you all enjoy Hyper-inflation in 2013!

  • 01.02.2013 8:05 AM PDT

The level of intelligence in our nation's capitol:

We should take the DEBT, and PUSH it somewhere else!

  • 01.02.2013 8:09 AM PDT

  • Pages:
  • 1
  • 2
  • of 2