Jack has said that it didn't really matter who won - Romney or Obama. I Agree somewhat; I think the main difference is the time table for when things will get much worse. Had Romney won, I think we would have had a greater chance at averting the fiscal cliff (at least the one looming in January). That said, averting the fiscal cliff would certainly be "kicking the can down the road" to use the recently popular expression.
I have come to believe that our entire economy, in its present form, is a bubble that exists on the life support that is the federal reserve. Non-stop quantitative easing (printing money) will eventually catch up with us (already is, go to the grocery store). The stock market is artificially inflated due to an inflated money supply. Just like homes have been, college tuition, gas, groceries, cars, etc.
Ultimately, it's all rearranging the deck chairs on the Titanic. Here is why, from one of my facebook posts:
What is the fiscal cliff, you ask? Let me make it simple: If we reach the fiscal cliff, come January 1, a series of changes will take place that will combine tax increases and spending cuts that will reduce our net annual spending by $668 billion dollars a year. Sounds like a lot, doesn't it? To put that into perspective, it is only 4% of our total deficit, which is $16 trillion. Not 40%, 4%. FOUR PERCENT.
That means that the steps necessary to reduce only 4% of our deficit are so severe that they are believed to be enough to send us back into deep recession, a depression, or a financial collapse. What does that say about our deficit? It says that IT IS MATHEMATICALLY IMPOSSIBLE THAT IT WILL EVER BE PAID OFF! (as Jack has stated many times).
It is really like arguing over a thunderstorm when there is a 100 foot high wall of water (tidal wave) coming towards you.
Enjoy your weekend.