What The Heck Is The “Fiscal Cliff”?

Okay – the election is in the past and we are here staring President Obama’s second term in the face. So are all our national problems miraculously solved by 4 more years of “hope and change”? I guess time will tell.

But in the financial arena everyone is suddenly talking about the “fiscal cliff.” If you don;t really know what that is – you are not alone. Well, if you want to know, let me tell you how. Forbes Magazine Online posted a detailed article on 11/10/12 that you should read. Here is a snippet:

So, exactly what is the fiscal cliff and why is everyone so worried about it?

At its core, this economic event destined to dominate our lives for the foreseeable future is an accident of timing resulting in a one-two punch.

Think of it as the economic version of Hurricane Sandy that ripped through the northeast in the past few weeks. On its own, the hurricane could cause a lot of damage. However, when two additional weather fronts—that just happened to be in the wrong place and the wrong time—combined with the hurricane, Sandy became an exponentially devastating storm, causing loss of life and billions upon billions in property losses.

One hopes that nobody will die as a result of the fiscal cliff. However, it is very serious, indeed.

Piqued your interest? Read the full article here: http://www.forbes.com/sites/rickungar/2012/11/10/the-fiscal-cliff-explained/

My question to you is this: is there anything in your life you can/should be doing to prepare for this? Of course, the real question is will you take the warning seriously? After all, this is not Rush Limbaugh or Glenn Beck saying this. It is Forbes, the most respected name in the financial world – but then what could they know?

Read that line again: Think of it as the economic version of Hurricane Sandy that will affect the entire country.

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