Tuesday, January 1, 2013

Over the Cliff

The tense, yawn-inducing, talks about the fecal cliff are still unsettled, but Zerohedge presents this stunning graphic about the version sent by the Senate. If the houses passes this tonight, this is the settlement. 
That $62 billion, derived from $620 over 10 years as they usually put these things, will buy (62/1089) year or 20.8 days of federal deficit.  In reality, it's probably going to be less than $62B in the first year and depend on mythical growth to achieve $620B in 10 years. 

Nobody in their right mind should believe that any budget predicted today will unfold as planned over 10 years.

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