Source: The “fiscal cliff” isn’t a cliff at all – CBS News.
Here is an interesting article that explains why the “fiscal cliff” is so falsely named. If you are still not clear about this I would encourage you to click on the source above.
By the way, the article mentions that if nothing is done the “average” additional expenses will be $3,200 per family. But that is primarily because of the significant expense to the top 1% drastically weighting the “average”. It has been stated that for a family with an income of $70,000 the increase would be less than $800 (1.1%) and that is if nothing is done to add some tax breaks back in January by congressional action.
So, don’t get all worked up if those guys in Washington continue to be gridlocked. It is not the end of the world!! 🙂