What happens to entrepreneurs if the government goes off the fiscal cliff?
Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.
What happens to entrepreneurs if the government goes off the fiscal cliff? The short answer is…not much…really.
The looming fiscal cliff may seem an odd subject for me to cover in what is an online marketing and business blog, but the reality is the fiscal cliff is semi-important to you and your business. I say semi-important because the fiscal cliff really isn’t as important to you unless you know what it is all about. The fiscal cliff is also not so dire since it has to do with an entity like the government battling over the U.S. Budget that it inevitably will not keep no matter what agreements they come to.
Essentially the fiscal cliff, that may or may not happen at the beginning of 2013, is the different federal budget cuts and tax increases scheduled to happen unless some magical agreement is made. The two main fiscal cliff issues are Obama tax increases for the rich (for people making over a certain amount) and reductions in the spending of the government.
The media has hyped this up so much implying that there is only two solutions…we go off the fiscal cliff or we don’t, when in actuality there are half a dozen policies changes scheduled for 2013 and not all of them would be bad for the economy. In fact going of the fiscal cliff could provide the government with a much needed wake-up call about the mistakes it has made for quite a long time. They have lived high on the hog for much longer than they should have and if the fiscal cliff is any indication, for such minor fiscal issues in comparison to the looming unfunded liabilities they have ignored for decades (Social security, Medicare, Medicaid, and baby boomers and their 401K and IRA distributions), then they will likely kick the can down the road so more and another fiscal cliff will emerge in about another year of not sooner.
The Real Fiscal Cliff Issue
The real issues, they ignore…the fiscal cliff that Obama and Boehner are meeting to talk about will, if agreed upon, fund the government for only a month or two. Yes, the fiscal cliff is that short term of a problem…it is not a cliff but really just an obstacle. Even the proposed cuts are only to the increases to spending, they do nothing to cut any part of the deficit and the tax increases proposed by Obama on the rich will actually reduce the revenues while squeezing productive capital out of business. This means the middle class will be next on the tax hike since increasing taxes on such a small portion of people like the rich doesn’t actually raise enough revenues for the government’s spending spree.
The actual fiscal cliff, we went off the minute we allowed Ben Bernanke to raise the debt ceiling (consequently part of the negations over the fiscal cliff is President Obama calling for the ability to raise the debt ceiling on his own without anyone else’s approval), further debasing the dollar and flooding the market with trillions of our fiat currency. The fact that Bernanke and the FED are the largest buyers of US treasuries, which we issue as IOUs for other countries lending us money (they don’t really lend us money…they simply supply us with stuff like oil, electronics, cars, etc and in return with give them our IOU’s), means that our currency that other countries have is coming back faster than it can be printed increasing our inflation rate. Our debt is far too high and our GDP is not keeping up with what revenue we need to have to pay it down or even keep up with the debt.
Here is what Peter Schiff, a business owner and economist, has to say about it:
So what does this the fiscal cliff do to you and I? How will it affect us?
It will be no different than it has been for the last few years.
Prices will increase, with or without the fiscal cliff.
Unemployment will continue to go up and employers will hire much less, with or without the fiscal cliff.
Debts will increase, the dollar with continue to be devalued, GDP will go down, inflation will increase, and the media will continue to be late to the party and guessing while the politicians, the FED, and President Obama continue to avoid the problem and the solutions because the pain will be too much for them to bear the scrutiny from the public if they do the right thing.
If you are an employee…you might keep your job this coming year…or you might lose it.
As an entrepreneur I create my own destiny and am in control of my own economy. When prices go up, I will make more money to pay the higher prices.
When my taxes increase, I will make more money with my business, call upon my CPA, and find ways to reduce my taxes because I own a business and businesses gets deductions (it is written into the tax code already), and even if I pay a little more it will be much less because I own a business and because I create my own income on demand.
So do you want to make more money and pay less in taxes or do you want to take another chance on how long your continue to have a job this coming year?
Wouldn’t you rather make money on demand from the skills you attain working for yourself than to hope your skills are good enough in case you have to find work?
I took a chance on me over 4 years ago and have never looked back…won’t you take a chance on you too?
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