As Published in the Shore 2012 Edition of NJ Lifestyle
Since we are in an election year, you would think our politicians would spend time trying to solve our nation’s monumental fiscal problems: A national debt of $15.6 trillion and a 2011 federal budget deficit of $1.5 trillion. Instead, most political journalists and insiders believe that nothing will be done until after the elections in November. What is so troubling about this is that only leaves about 6-7 weeks to address what Federal Reserve Chairman Bernanke referred to as the “Fiscal Cliff”. There are four events that will happen automatically on December 31, 2012 if Congress fails to act:
- End of the Bush-era tax cuts
- End of the 2% social security payroll tax holiday
- End of the extended unemployment benefits package
- Automatic spending and budget cuts that are a result of the Budget Control Act Bush Era Tax Cuts