America’s Fiscal Cliff Dwellers
America's looming “fiscal cliff” is actually more of a “slope,” with the full effect of the tax increases and spending cuts felt only gradually. But the choice of words matters, given the hysteria that has been whipped up in recent months, primarily by people who want to decimate America's social-insurance programs.
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WASHINGTON, DC – In early 2012, Federal Reserve Chairman Ben Bernanke used the term “fiscal cliff” to grab the attention of lawmakers and the broader public. Bernanke’s point was that Americans should worry about the combination of federal tax increases and spending cuts that are currently scheduled to begin at the end of this year.