Don't fear the 'cliff'

November 28, 2012 


We are all hearing panicky threats about the upcoming "fiscal cliff" and the dire consequences to come.

It would seem that the dire consequences will only occur if our elected representatives in Congress attempt to reach agreement under pressure by the end of the year. The "cliff" is a manmade panic button. There is no reality to the panic. A slope is the more likely outcome.

If the fix is not in effect by the end of the year, the economic results of the return to the old tax rates will be gradual and time will be available for agreements to be made through thoughtful solutions with well-reasoned legislation.

With the beginning of a new tax year, higher withholdings from paychecks in anticipation of taxes reverting to prior levels can be delayed until the new agreements are in place without any serious consequences.

Reasoned agreements take time to accomplish.

Who are behind these fear tactics threatening the panic? There is an alternative available by waiting. Let's go for it.

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