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Economics Fiscal Cliff

The upcoming fiscal cliff

The recent American Thinker posted an article by Jeffrey Folks titled “Fiscal Cliff, No Leader“. 

Mr. Folks reminds us that on January 1, 2013 the two year extension of the Bush tax cuts are set to expire. In addition, the balanced budget cuts on Medicare, on the military and on other programs are set to kick in.

The Chairman of the Fed, Ben Bernanke, also recently warned us of the ‘fiscal cliff’.  See “Fed Chairman Ben Bernanke warns of ‘fiscal cliff’ risks” by Don Lee on June 7, 2012 in the Los Angeles Times.

In addition to our rapidly approaching domestic issues, Europe is in the midst of a major financial crisis that could see the entire European economy implode.  Financial troubles in Iceland, Portugal, Greece, Italy, France and Spain, to mention just a few of the countries in trouble, may cause the global economy to crash.  For more information, see Rescue loans for Spain’s banks buys Europe time by CBS News.

Please encourage our leaders in the Federal government to address the upcoming financial issues that we face this fall.