Just in case you’re confused about the details of the impending “fiscal cliff,” here are three easy-on-the-eyes explanations/primers on what’s at stake and what could happen.
First, Kevin Drum (but you should read the whole thing):
The fiscal-cliff way: On January 1, about $400 billion in tax increases and $200 billion in spending cuts will take effect. That’s $600 billion, or 4 percent of GDP, and that would be a huge drag on the economy.
Bottom line: if it happens, the economy will suffer — as will just about everyone.