2 million Americans will lose unemployment insurance by January 1 and the debt ceiling limit being hit on December 31st.
To most of America the fiscal cliff is some sort of fiscal enigma. Most realize that we are spending more than we are bringing in and also that taxes are part of our system. What most have a harder time understanding is the machine of the Fed and how it selects winners and losers at will by digitally bailing out an entire banking industry. Yet here we are counting down the days to a new year and we are no closer to solving this fiscal problem. Congress is full of millionaires and come what may with the negotiations, they will remain this way. This fiscal cliff is largely a reflection of our three legged fiscal problems; a shrinking middle class with a growing population in poverty, a ritualistic process of hiking up debt ceilings, and the taxes versus spending equation.
Leg one: Middle class and poor
We have a large number of Americans living in poverty:
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