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Economic train wreck may lie ahead - Politics news by mail.com

A "fiscal cliff" of steep tax increases and deep spending cuts scheduled to begin next year looms darkly over the presidential race.
Right now, the candidates are competing for attention with the Summer Olympics in London. But the unemployment report for July, due out Friday, likely will serve a cold dose of economic reality as Congress begins a month-long summer recess.
The cuts would come from a triggering mechanism put into a bipartisan agreement last year to automatically slash the federal deficit in the absence of a congressional debt-reduction deal. Neither side wants that to happen, but nobody yet has figured a way out.

"You don't borrow what you cannot pay back," Romney said in Poland. Sounds simple. It isn't.
Now, I got into prepping because of Katrina. I prepare as a means to provide for my family in case of natural disaster.

But these days it is becoming increasingly obvious that SHTF economic meltdown is actually a very real possibility.
 

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Yup, way too my s%#t going on not to be getting prepared. Wife's worried I'm spending too much on prepping, I think I'm not.
 

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To be honest this particular news won't result in a SHTF scenario, it might in fact help prevent an economic meltdown. It will cause you to pay more taxes for fewer services, however.
 

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An economic meltdown is becoming more and more unavoidable. While it may not be the classic shtf scenario, it will be a slow motion version of it. Think of the fan being on "low". Here is a recent post from PrepperRecon.com with Nouriel Roubini, economist for the IMF, World Bank, and US Treasury. He speaks on the fiscal cliff and Europe's effect on the US economy. Busy guy, but he still found time to predict the housing bubble.
 

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I think we all know it's coming, it's just a matter of time! Prep hard::rambo::
 
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