A lot of people, including
Federal Reserve Chairman Ben Bernanke, are worried that we are nearing
the edge of a fiscal cliff. I'm more concerned with the hole we are
already in.The "fiscal cliff" refers to the scheduled expiration of a
slew of tax laws - most notably the "Bush-era" tax cuts, which have
already been extended well into the Obama era, and the "one-year"
reduction in employee FICA taxes, which is now in its second year.
Combined with the automatic spending reductions also ...
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