Insurance Costs, Regulations & Taxes – They Are All Going to Increase in 2013
News reports about the looming “fiscal cliff” scheduled to take effect on January 1, 2013 have been downright exhausting. The “fiscal cliff” is a term that describes the severely negative economic impact that will occur at the outset of 2013 as two self-imposed government deadlines converge. The first deadline is the expiration of the Bush tax cuts, which transferred a significant amount of money to the private sector. The second is automatic federal spending cuts that occur as a result of the debt ceiling agreement reached in the Summer of 2010 between Democrats and Republicans. Most economists predict that going over the fiscal cliff will plunge the lethargic U.S. economy into another deep recession. In a sense, our politicians set-up a future “gun-to-the-head” scenario.