What is the 'Fiscal Cliff'? We've all heard of it and it sounds
just terrible - not in a Wylie E. Coyote fall-off-the-cliff sort
of way, but in a dire consequence sort of way. But what is it?
There are several rather pithy monikers that are supposed to
simplify the importance of the “Fiscal Cliff,” all using words
like “looming consequences,” “too much austerity,” and
“conundrum.” All convey a dire situation which will certainly be
unpleasant no matter the outcome. And, I suppose, that would be
the correct determination. No matter which side of the aisle you
vote for your politics, here’s, hopefully, a description of the
situation referred to as the US Fiscal Cliff in layman’s terms -
as much as possible. Where did the term “Fiscal Cliff”
originate? Though some feel we are headed more towards a fiscal
“slope” rather than a “cliff” the term stems from a statement by
Ben Bernanke, chairman of the U.S. Federal Reserve in February
2012 to the House Financial Services Committee. He described “a
massive fiscal clif