Fiscal Cliff Pop Quiz: Fun Facts from the Forthcoming Economic Apocalypse

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President BARACK OBAMA
For months, politicians have railed about the fiscal cliff while pundits across the political spectrum have held forth on the apocalyptic economic repercussions of our reaching Jan. 1, 2013 without a deal to avert it. But as the dread date draws nearer -- and negotiations between the White House and Capitol Hill grow more frenzied -- it is growing ever harder to separate the rough reality from the hellish hype.

To help you sort through the spin and fluff, we've compiled our very own fiscal cliff quiz. If you think you know all about the forthcoming economic apocalypse -- or if you're just wondering what all the fuss is about -- here's your chance to test your knowledge of the biggest economic crisis of this news cycle!





Bruce Watson is a senior features writer for DailyFinance. You can reach him by e-mail at bruce.watson@teamaol.com, or follow him on Twitter at @bruce1971.

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splintercottage

The fiscal cliff is a figment invented by these exhibtionists to collect "gratuites from their supporters". I assume Huffpo will remove the b word.

The same Heritage fund that is now enriching that honorable gentleman DeMint with millions of tax deductable dollars is explaining why do nothing Senators and Congressman should receive incrdible benefits while working on behalf of lobbies that pay them more than their salaries. And protecting those that fund the lobbies.

To comparing $150 million "political gifts " by one person or 2 brothers to a party to the support of a labor union (now about 17% of the workforce) is pure nonsense.

To cut back "entitlements" means medical care, primary education. retirements and the means to preserve a legacy or inheritance for those who worked their entire lives in professions in which one doesnot get rich. In other words the ability for the middle class to climb out of the hole dug for them previously. To promte the concept that those professions are valuless compared to those who play "money gamies" is yet another fiction form the oportunitsts at Heritage/CATO/&the MBAfactories.

The confusion must stop. Either the loyalty is to the congressional payment stream or to the citizens of a country that is getting progressivelty weaker.

The problem with all of this isnt' a "fiscal cliff " fabricated by these preditors but an economic system that runs up war debt, subsidises containerized freight for sub standard products (this stuff is cheepo or it wouldn't sell) and believes that any untruth becomes true with repetician. And that profit is skimmed of the top rather than earned.

December 17 2012 at 1:33 PM Report abuse rate up rate down Reply
howdy

There is no fiscal cliff.. Just an end to fiscal irresponsibility during a time of war.. Shame on both parties for running up the debt.

December 17 2012 at 12:46 PM Report abuse +1 rate up rate down Reply
2 replies to howdy's comment
Fernando&Carlos

Totally, we should fire them all and replace them right away.

December 17 2012 at 1:01 PM Report abuse rate up rate down Reply
fred

Got that right- bunch of selfserving jackasses from BOTH parties. They ALL sold us down the river.

December 17 2012 at 1:03 PM Report abuse +1 rate up rate down Reply
playingtheyaw

Boehner is the Anti Christ of our era. This person is a complete politician solely interested in his party and not the PEOPLE. He has absoultly no concept of American middle class / working class life. He is the opposite of a Statesman for the people.....enough said and I am a Republician

December 17 2012 at 12:32 PM Report abuse rate up rate down Reply
1 reply to playingtheyaw's comment
Fernando&Carlos

I am glad we hear from you, I was a REP. but enough is enough. I am tired of these people. Other than crying, literally crying all the time, Boehener has no concept of regular people like us you are right.

December 17 2012 at 1:04 PM Report abuse -1 rate up rate down Reply
2 replies to Fernando&Carlos's comment
ANTON

That is the problem, you used to be a D and now you are an R or visaversa..I too started out many years ago as a union democrat and became frustrated with the party so I switched to republican and was happy for awhile then they too sold out. Neither party is for the working man anymore, both parties are out to help the rich. The rich give them millions to get them elected and in turn they healp the out. To show how true this is we only need to look back a few years from 2008-2010 when Obama and the democrats had total power in DC, they controlled all three Houses and had a rare super majority in the Senate with enough seats to over ride any GOP filibuster. They could have passed gun control, they could have brought spending under control, could have helped the poor or middle class, they could have passed or repealed any legislation they wanted without any GOP opposition. Guns were a problem from 2008-2010 but the NRA controls just as many democrats as republicans, obviously or a bill would have been passed then. Obama promised to cut the debt in half by the end of his first term instead he added $5 trillion to it. These are problems that should have ben dealt with when you had no opposition. The people seen this and in two short years voted them out of power in the House and took away their super majority in the senate. If either party was out for the people it would have changed from 2000 to 2006 when the republicans ran everything or from 2008-2010 when the dems ran everything, the only difference with the dems is they had that super majority to block any filibuster, that does not happen very often, a filibuster can stall legislation but they had enough seats to block one and yet still nothing major was done. This should show everyone that it does not matter which party in control we only have to look back at the last 10 years to see it does not matter, we still have the same problems we faced then only worse. Neither party fixed anything, they only made things worse by borrowing and wasteful spending.

December 17 2012 at 2:38 PM Report abuse rate up rate down
Jack Stanley

You are right. every one in the 2 houses are in to help ALL the people in this country. As fare as iI can see they are out for just a few of the people in this country. maybe they should have 2 terms in office. Not a lifer. By the way I am not a REP or DEM. I try to vote for the person who I think will do the best for the country in these jobs, I am sick of party"s. I would like to see all the people in HOUSE & SEN. working together and get things done, AND STOP FIGHTING PARTYS

December 17 2012 at 2:51 PM Report abuse +1 rate up rate down
george3373

For those who love government programs please know they do not care about you nor are they able to. It is us who decided they be the providers with our continued support for welfare and entitlement programs. Had we all put our money aside and invested conservitively you would be far ahead of the game even with the ups and downs
It is sad as every year the we the people elect morons who want more government control because we refuse to support giving up anything we feel is free at the moment
We the people are the problem not the monster we created

December 17 2012 at 12:03 PM Report abuse rate up rate down Reply
dprintman

Since I"ve retired in 5 years we have got less than a 4% raise in SS. Everything I buy has went up 30%, 40% some things like my electricity 45%. Does the Gov. no this? Do they think we can go out and stimulate the economy with only enough to pay our medical bills?
Politicians don't care about us at all. They are simply 5 year olds with a credit cards in there hand. Say no to all tax increase's, say no to new schools, say no to new jails, say no to everything the Gov. wants until they decide to be responsible with our money.

December 17 2012 at 11:56 AM Report abuse rate up rate down Reply
jmcoughlin8

With a 600 billion dollar surplus in 2000, Bush would have had 4.8 trillion at his disposal over the eight years he served as president. But he disposed of it quickly in upper tax cuts and tax rebates for the rest of us. We certainly would have had a better chance of avoiding a deep recession. But, Bush didn't enter the o0ffice of the presidency with any vision of the future. Deficit spending soared and it all could have been prevented. I just wish that the template for fiscal responsibility created by the Clinton presidency would be closely examined by every presidency.

December 17 2012 at 11:42 AM Report abuse -1 rate up rate down Reply
mikeyb48

Viking9343 Product of the public school system. Better than wherever you didn't go. Look at your text and all the misspellings. Pot-kettle-black. Another small -minded repukican.

December 17 2012 at 11:33 AM Report abuse +1 rate up rate down Reply
kenyng

I'd rather watch reruns of Gilligans Island...

December 17 2012 at 11:31 AM Report abuse rate up rate down Reply
sco2260

If Wash D.C. does not get this trillion dollar annual deficit under control the dollar will collapse and with it our way of life. China,Russia,Germany, and the middle east will be the survivors when the USA disappears from the scene and becomes indentured servants to their national debt. There are too many people receiving entitlements and we can no longer afford to be the worlds policeman. Austerity programs will be the taxation and they are right around the corner. It is sad to say that all democratic republics will become a concept of the past. They are all committing financial suicide. and will fade from the scene as unworkable.

December 17 2012 at 11:29 AM Report abuse rate up rate down Reply
rreef1993

Does anyone really believe the President after spending a record breaking 6 TRILLION dollars wants a tax cut let alone any spending cuts?????

December 17 2012 at 11:14 AM Report abuse +1 rate up rate down Reply