Premium Essay

Fiscall Cliff

In:

Submitted By ehsgeometry
Words 474
Pages 2
“Fiscal cliff” is the popular shorthand term used to describe the conundrum that the U.S. government will face at the end of 2012, when the terms of the Budget Control Act of 2011 are scheduled to go into effect. The first use of the term in its current context was in a report dated October 21, 2011, titled "The Super Committee and the Fiscal Cliff" written by Goldman Sachs economist Alec Phillips. Some analysts have argued that "fiscal slope" or "fiscal hill" would be more appropriate terminology because while the cumulative economic effect over all of 2013 would be substantial, it would not be felt immediately but rather gradually as the weeks and months went by
Among the laws set to change at midnight on December 31, 2012, are the end of last year’s temporary payroll tax cuts (resulting in a 2% tax increase for workers), the end of certain tax breaks for businesses, shifts in the alternative minimum tax that would take a larger bite, and the beginning of taxes related to President Obama’s health care law. At the same time, the spending cuts agreed upon as part of the debt ceiling deal of 2011 will begin to go into effect. According to Barron's, over 1,000 government programs - including the defense budget and Medicare are in line for "deep, automatic cuts.
The fiscal has a lot of effects that are linked to it. As an article on the Washington post says “Up to 3.4 million jobs would be lost, the Congressional Budget Office estimates. The unemployment rate would reach 9.1 percent from the current 7.9 percent. Stocks could plunge. The nonpartisan CBO estimates the total cost of the cliff in 2013 at $671 billion. Collectively, the tax increases would be the steepest to hit Americans in 60 years when measured as a percentage of the economy,” (Washington Post). Real GDP growth decreases 0.2%, on average, per year, which equates to a $529.4 billion decrease per year

Similar Documents

Free Essay

'Boven Roc Rally 2011 – an Organizers Perspective.

...Let me simply start off by saying that the Roc Rally this year had little chance of happening. After putting in all we had in 2010, topped off with a massive party, the aftermath hit us like a bad hangover and we simply said: “Never again”. We looked at the calendar and realised that the tenth Roc Rally anniversary was looming. What is so amazing about a decade anyway, or a 21st? Maybe just a good excuse to do something wild or to go even bigger than ever? We definitely had it in the back of our minds that our big ideas to pull off something really special need to be reserved for a bumper 2012. Then what was left for this year? Just us staring high up against a feint crack system through a massive overhang with not a whole lot of psyche! The weeks leading up to the Rally one has to say, is often slightly stressful for us. There are logistical nightmares of getting people, food and music to the sleepy railway town of Waterval Boven on the edge of the Mpumalanga escarpment. Without going into the boring details of the comedies of errors that struck on the last hour, you know things are not going to plan when the tick list starts growing onto the next page instead of slowly diminishing as the master plan is supposed to unfold. Why on earth did I ever utter the thought: “Hey, let's pull a generator across the top of Baboon Buttress, light up the crags below and have some night climbing on the Friday!”? By mid Friday afternoon nothing more could go wrong. Some friends and volunteers...

Words: 1429 - Pages: 6

Free Essay

Geography Waves

...headland and become parallel to the coastline This is called wave refraction. As the waves approach the coast, they travel in a straight line, parallel to each other, as they travel in the same speed. However, as the front of the headland is shallower than the front of the bay, the waves encounter more friction and it slows down. This causes the waves to refract, where the waves bend towards the headlands and bends away at the bay. As the front of the bay is deeper than the front of the headland, the waves encounter less friction and its speed remains. 4 ways in which waves erode Hydraulic action. Air may become trapped in joints and cracks on a cliff face. When a wave breaks, the trapped air is compressed which weakens the cliff and causes erosion. Abrasion. Bits of rock and sand in waves grind down cliff surfaces like sandpaper. Attrition. Waves smash rocks and pebbles on the shore into each other, and they break and become smoother. Solution. Acids contained in sea water will dissolve some types of rock such as chalk or...

Words: 1229 - Pages: 5

Free Essay

The Maze Runner

...been trying to solve the Maze for two years, and that the antidote to a Griever sting revives small bits of memory. Chuck (a twelve year old boy), and Newt (the Gladers' second-in-command), befriend Thomas. Gladers exploring the Maze are called "Runners." Minho, the Keeper of the Runners, and Alby, the Gladers' leader, search for a dead Griever that Minho found while running the maze the day before. However, the Griever is found to be not dead and it stings Alby. Minho struggles to carry Alby back to the Glade, but as the doors close on them, Thomas runs into the Maze to help. Hearing approaching Grievers, Minho leaves Thomas with an unconscious Alby. Thomas saves Alby and, finding Minho, tricks pursuing Grievers into falling off "the cliff" (an abyss within the Maze). Minho and Thomas return to the Glade as the doors open the...

Words: 916 - Pages: 4

Free Essay

Emergent Land Forms

...Emergent Raised Beaches A raised beach is and emergent landform. It is above the shore line due to a fall in sea level. They’re formed through a combination of tectonic coastal uplift and quaternary sea level fluctuations. There are many examples of raised beaches on the west coast of England. The town of Stonehave is built on one. Relict (fossil) Cliffs A geomorphological feature which was formed due to previous processes and climatic change. They can be found at raised beaches and a good example is in Canada in a place called Nova Scotia. Coastal Plains An area of land which lays adjacent to a sea coast and is low-lying. During the cretaceous period Large areas were covered in shallow sea which disappeared as the land began to rose. The best example is located on the south eastern American coast. Submergent Rias Rias are caused by a rise in sea level or a fall in coast levels (due to tectonics) maybe both this cause a previously dry area of land to become permanently submerged. Examples include Portsmouth, Plymouth and Southampton. Fjords A long narrow inlet with steep sides or cliff faces. They are created by previous glacial movements which form a U-shape valley due to the ice forcing its way through the land. Once the ice melted it leaves the U shaped valley that become fjords. Fjards Fjards are rocky inlet of the sea, usually found along relatively low-lying coasts. Formed by the submergence of a glacial valley, fjards are characteristically more...

Words: 381 - Pages: 2

Premium Essay

Spring Break: A Short Story

...to my left looking at three different sized cliffs that many people, in bathing suits, were jumping off of.My eyes glissend as I wachted domeone hit the water and a smerck crept upon my face. Falling through the air like that must feel amazing! My sister Ciara swam over to me, mudding up the waters, extravagance “Wow! Look at that, it would take a lot of courage to jump off a cliff!” Yes it would, I mused. I am going to jump off of...

Words: 712 - Pages: 3

Free Essay

Alleegory of the Cove

...Page 1 John Paras Grand Canyon University Com 126 April 30, 2010 Page 2 The Allegory of the Cave from the faculty of Washington College, is the article I found that gave me meaning as to what Plato was trying to say . It showed that the Prisoners saw only the shadows of what the puppet men were carrying and they only said what they thought the images were . In the example the prisoners thought he “ saw a book , but he was not seeing a book , he was seeing a shadow of a book . “ Plato’s point is that they were referring to shadows they saw on the wall and not the actual item that the puppet men were carrying in front of the fire that caused it to make a shadow on the wall. The example given in The Allegory of the Cove shows us that the prisoners were no really seeing the object but the shadow of an object that was reflected on the wall , if they could have turned around , which they could not , because they were chained , they would have seen that the real item was being carried by the...

Words: 524 - Pages: 3

Free Essay

Jamaican Cinema

...The Harder They Come was the first movie made in Jamaica, directed by a Jamaican and with a Jamaican theme. The film opened the country’s eyes to the creation of film and the industry that surrounds it. It also gave the world (particularly the West) its first filmic taste of the cultural, social and historical issues of 20th century Jamaica. It was not only successful in the eyes of its audience but also in the eyes of film critics worldwide. Geoff Parker writes “Indisputably the greatest Jamaican film ever made, The Harder They Come is also one of the finest films yet made about the third world.” (2001). At first glance Perry Henzell appears to be using a narrative to document Jamaican roots Reggae music (especially that of Jimmy Cliff); but although The Harder They Come went a long way towards creating a huge global Reggae following the film had many other underlying issues. Even though most critics (Cham, Parker, Yearwood and others) discuss the film as the one that popularised Reggae music in the West it is the task here to illustrate that The Harder They Come brought Jamaican society and its culture into cinematic visibility. Cinema in Jamaica had only a western and predominantly Hollywood face until the release of The Harder They Come, but the meta-filmic self awareness of Henzell’s socially involved movie proved this was going to change. Jamaica as a country was in a relatively new social, political, and economical climate, its main export industries were changing...

Words: 2433 - Pages: 10

Free Essay

Three Professional Athelets of Racquetball

...Three Professional Atheletes of Racquetball Cliff Swain was born on March 21, 1966 in San Jose California but really raised in Braintree Massachutes. His father, Robert “Red” Swain, a competitive handball player introduced Cliff to racquetball when he was just 13 years old. Soon winning Massachusetts State and New England Regional Junior Racquetball Championships, Swain was naturally talented and quickly picked up the game. The US Junior National 16 and Under Racquetball Championship was won by Cliff Swain in 1983. Then in 1984 the Orange Bowl World 18 and Under Junior Racquetball Championship was won by Swain. Swain later went on to Providence College in 1984 where he was on the racquetball team before turning professional. The most tournament wins in professional racquetball can be accredited to Cliff Swain. In the 1980s continued onto the 2000s, he began playing the pro tour International Racquetball Tour (IRT). The left-handed Swain was a dominant player in the 1990s known for his great drive serve and on court intensity, finishing as the #1 IRT player in 5 seasons during that decade. In 2003, Swain was inducted into the USA Racquetball Hall of fame. Following the 2006-07 season Swain retired from the IRT, but did play some tournaments in the 2008-09 IRT season. Also in the 2008-09 seasons he also played on the Classic Pro Racquetball Tour (CPRT) for former pro players over 40. Swain has played 265 tournaments which are more than any other player and his 71 IRT tournament...

Words: 980 - Pages: 4

Premium Essay

Who Is The Character Of Man Revealed In Henry David Thoreau's Cave?

... Since early childhood 4 men are Tightly chained around the neck and the legs unable to move in a sitting position forced to stare at a wall . In a dark cave ,to a post ,4 men,are given the only source of reality which is in front of them on a wall that is dimly lighted from a fire that is positioned above and behind them.Between the fire and the prisoners there is a raised platform with a low wall built to hid the bodies of the marionette’s who are displaying the shadow of puppets and shapes onto the wall.These men have been in the cave so long that they have the belief and without a doubt that the figures and animals they are seeing are represented accurately to what we know them to be.One of the men is released from the chains and slowly begins his ascension up the stairs and when he reaches the outside of the cave he is just left awestruck and disbelief at what he is seeing and begins doubting what he see’s compared to what he grew up with and saw in the cave. But his disbelieg turns into understanding which enlightens his interpretation of things he experienced in the cave and his intelligence to the level of what most would consider a philospher .But he is left with symphony and guilt about letting the other prisoners know what he has discovered but is only responded by the others that he is crazy and if anyone were to leave the cave they would just become insane like him. Leaving him with a enlightned belief that even if the “blinded” are unwilling to accept the truth...

Words: 629 - Pages: 3

Free Essay

Solution

...ANSWER 1. Describe the nature and causes of the problem faced by Samad. The nature that faced by Samad is a lack of career planning and development from past management that causes high turnover among electrical engineers engineers in the company that his work. Turnover means that the rate at which an employer gains and loses their employees. High turnover may be harmful to a company's productivity if skilled workers are often leaving and the worker population contains a high percentage of new workers. The causes are the electrical engineers felt no ladder up in the job that in technical of engineering aspects, and there is no career development. To be a successful company, the organization itself must have the ability to attract and retain highly skilled employees. So, that organization must be able to compare between what employees want and what employers are willing to give. This participatory approach to human resources and the perception of a common understanding among human resources managers and executives offer benefits through flexible and innovative care of their employees. In addition, Samad found in the area of wage surveys, Electronic Applications are paid 5 to 8 percent above the market for various categories of electrical engineers and do not do anything about that based on the informal exit interview system or in others word, higher position for the engineers after working so many years and the junior and younger engineers have gone to the competitors. Then...

Words: 4189 - Pages: 17

Free Essay

Algo

...I Miss You (Blink 182) Hello There, The Angel From My Nightmare The Shadow In The Background Of The Morgue The Unsuspecting Victim Of Darkness In The Valley We Can Live Like Jack And Sally If We Want Where You Can Always Find Me We'll Have Halloween On Christmas And In The Night We'll Wish This Never Ends We'll Wish This Never Ends Don't Waste Your Time On Me You're Already The Voice Inside My Head (i Miss You Miss You) Don't Waste Your Time On Me You're Already The Voice Inside My Head (i Miss You Miss You) Where Are You And I'm So Sorry I Cannot Sleep I Cannot Dream Tonight I Need Somebody And Always This Sick Strange Darkness Comes Creeping On So Haunting Every Time And As I Stared I Counted Webs From All The Spiders Catching Things And Eating Their Insides Like Indecision To Call You And Hear Your Voice Of Treason Will You Come Home And Stop This Pain Tonight Stop This Pain Tonight Don't Waste Your Time On Me You're Already The Voice Inside My Head (miss You Miss You) Don't Waste Your Time On Me You're Already The Voice Inside My Head (miss You Miss You) Don't Waste Your Time On Me You're Already The Voice Inside My Head (i Miss You Miss You) Don't Waste Your Time On Me You're Already The Voice Inside My Head (i Miss You Miss You) In The Shadows (The Rasmus) Ooh, ooh No sep No sleep until I´m done with finding the answer Won´t stop Won´t stop before I find the cure for this cancer R>Sometimos I feel like I´m going down and...

Words: 1299 - Pages: 6

Premium Essay

Jimmy Cliff

...Jimmy Cliff Jimmy Cliff | Cliff performing in 2012 | Background information | Birth name | James Chambers | Born | (1948-04-01) 1 April 1948 (age 66) Somerton District, St. James, Jamaica | Genres | Ska, reggae | Occupations | Musician, singer, actor | Instruments | Vocals, guitar, piano, conga, keyboards | Years active | 1962–present | Labels | Island, Columbia, Trojan, EMI, CBS[1] | Jimmy Cliff, OM (born James Chambers, 1 April 1948)[2] is a Jamaican reggae musician, multi-instrumentalist, singer and actor. He is the only living musician to hold the Order of Merit, the highest honour that can be granted by the Jamaican government for achievements in the arts and sciences. Cliff is best known among mainstream audiences for songs such as "Wonderful World, Beautiful People", "The Harder They Come", "Sitting in Limbo", "You Can Get It If You Really Want" and "Many Rivers to Cross" from the soundtrack to The Harder They Come, which helped popularize reggae across the world,[3] and his covers of Cat Stevens' "Wild World" and Johnny Nash's "I Can See Clearly Now" from the film Cool Runnings. He starred in the film The Harder They Come. Cliff was one of five performers inducted into the Rock and Roll Hall of Fame in 2010. Early life, 1960s and 1970’s Jimmy Cliff was born in Somerton District, St. James, Jamaica.[4] He began writing songs while still at primary school in St. James, listening to a neighbour's sound system. In 1962...

Words: 645 - Pages: 3

Free Essay

Civilization

...BUkleja Date 2013-01-03 Civilization Today we look at the future and wonder? Have you ever wondered about the past? We will discuss were we came from in forms of region, religion, as well as artistic expression. If you grew up in North America with in the last thirty years there are things that you would automatically know, such as baseball, hotdogs, rock stars, J.F.K. and Martin Luther King. Why would you know these things? Well first Hot dogs no matter where you came from in the country you had a hotdog either at a family barbeque, quick meal on the go or a sporting event. The idea of such things like sporting events like Baseball and Football pro and college alike, in some areas these can be as inspirational as religion. It may seem like a cliché as the underdog stories like “Rudy”, League of their own or Major League. What do all these things have in common? They each talk of the man or men even women doing what might seem as impossible at the time but what might be need at that time. They each bring hope and inspiration to their characters. Sporting events aren’t the only source of modern day inspiration every now and then we come across great men and women that will inspire or motivate a generation some good and some bad. Let’s us look back at George Washington, Harriet Tubman, Hitler, Martin Luther King and Obama. Each has their place in history President Washington some say the greatest president of all time, Harriet Tubman the bravest women of all time...

Words: 977 - Pages: 4

Free Essay

Are Perceptual Abilities Innate

...build up perceptual abilities; also there are some researchers who state that environmental factors are also a requirement for us to develop perceptual abilities. There were many infant studies which supported that perceptual abilities are innate. Gibson and Walk (1960) have studied and tested whether infants could distinguish depth by the time they know how to move (i.e. crawl). They aimed to test whether perceptual behaviors of infants were an innate characteristic of humans and non-humans. They have tested 36 infants aged 6-14 months for depth perception, by putting the infants on the visual cliff. Infants were put in the middle of the half transparent visual cliff, and their mother was standing on the other side. If the infants wanted to crawl to their mother, they had to crawl through the transparent side. As a result, infants would not cross to the transparent side of the cliff - meaning that the depth perception ability is innate. Moreover, to increase the reliability of the study, non-human animals such as chicks and goats were used in this experiment. The results showed the same outcome, therefore supporting the hypothesis that we are born with some(?) perceptual ability. They concluded that in order to survive, humans have already developed the discrimination of depth by the time they are capable of moving. In other words, people will die if they do not have perceptual abilities. If we lack perceptual abilities, we will fall down...

Words: 1073 - Pages: 5

Free Essay

Contextual Analysis of on Hearing Her Play the Harp

...f Angelo Miguel Flores Contextual Analysis of Li Tuan’s On Hearing Her Play The Harp 1. From my point of view, I think Xiao Qiao is seated beside a window on a day in winter. The window is made of wood as is the house made of wood and brick. It was fashioned from the pagoda’s design. She is seated on a wooden stool beside her harp. Judging from the fact that Xiao Qiao and Zhou Yu were prominent names in Chinese history, I believe that they resided in the city of Ch’ang-an, the biggest city in China. The city was the busiest city in China at the time. And probably outside Xiao Qiao’s window are shops and streets filled with people especially the tea shop where people go to warm themselves during a cold winter day. 2. Zhou Yu was the general of Qu of the three kingdoms in Ancient China. He was handsome and intelligent. A brilliant military leader and strategist, Zhou Yu was among the most coveted men during his time. Aside from being a brilliant character in the field of battle, Zhou Yu also has great musical capabilities as it was said that he could tell if there were mistakes in music even when he was intoxicated. Zhou Yu fought alongside Sun Ce and won the foundation east of Yangtze River. Upon the death of Yangtze, Zhou Yu assisted Sun Quan with military and political affairs. He died at the age of 36. Although he died young, he was very accomplished because until his last second, he was still doing his job as a militarist. 3. Xiao Qiao literally means...

Words: 604 - Pages: 3