Personal finance blogs has been talking about this day for a moment, but the fiscal cliff can we avoid falling over it? Today is the last day for deal to get done and many believe the outlook is somewhat bleak. Many people may not know the meaning of fiscal cliff, but they have truly gripped the reality of recession. Recession will be most severe if no fiscal cliff resolution is made. Recession may be inevitable despite any budget deal getting done or not.
Without a deal or going over the cliff, the unemployment rate will rise and the economy will be gruesome looking to say the least. According to Congressional Budget Office, the type of gruesome expected for 2013 is the economy will constrict by 0.5 percent. People will be hit hard with increased taxes. Could you imagine, your tax rate increasing to more than three stacks or well over $3,000 for those who do not understand stack is equivalent of $1,000.
It is not rocket science that government needs to get a deal done or as my brother would say they need to go or blow. A deal not being in place will be more devastating to the economy and American public than not having one at all. You can continue to read personal finance blogs to get personal finance tips to help your way through any possible recession. For small business owners, your accounting software will come in handy during troubled times. For those who need accounting software, they can buy Intuit QuickBooks Premier 2013. It would be great idea to keep a watchful eye on your budget during such touch economic times. Times are rough and expect more of it in the upcoming New Year.
The only New Year’s resolution is to continue to keep your head up and eye on your finances. You can definitely get through any fallout that will result from government not taking care of the fiscal cliff.