“It means the most predictable, preventable recession in U.S. history,” Harvard University economics professor Jeffrey Frankel told WBZ-TV.
If we do fall off the fiscal cliff, tax hikes, program cuts and layoffs will come. If that happens, get ready for an epic round of the blame game.
Whether its student loans, transportation, or heating assistance, millions of Americans get a helping hand from the federal government.
When you start reading the fine print on the fiscal cliff, you quickly realize this thing would indeed affect everyone.
One thing is for certain, if lawmakers don’t reach a deal to avoid the fiscal cliff on January 1, everyone’s taxes will go up.
If we do go over the fiscal cliff the part that would hit you in the wallet immediately is tax hikes.
If the so-called “fiscal cliff” becomes a reality in January, the economy in Massachusetts could take a bigger blow than other parts of the country.
So let’s say Congress does nothing and we just keep going right over the fiscal cliff. What happens in Massachusetts?
The so-called “fiscal cliff” is a massive combination of tax increases and service cuts set to kick in January 1, 2013.
Most people don’t have a clue what it is, so let’s start at the beginning.