{"id":6321,"date":"2012-12-03T16:03:06","date_gmt":"2012-12-03T21:03:06","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=6321"},"modified":"2012-12-03T16:03:06","modified_gmt":"2012-12-03T21:03:06","slug":"fiscal-cliff-is-just-a-speed-bump-on-the-road-to-a-real-crisis-international-liberty","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/03\/fiscal-cliff-is-just-a-speed-bump-on-the-road-to-a-real-crisis-international-liberty\/","title":{"rendered":"Fiscal Cliff Is Just a Speed Bump on the Road to a Real Crisis &#124; International Liberty"},"content":{"rendered":"<p>Dan Mitchell writes in the New York Post:<\/p>\n<blockquote style=\"background-color:#ddddff;\"><p>A lot of people get upset about the national debt, which is somewhere between $11 trillion and $16 trillion, depending on whether you include money the government owes itself. Those are big numbers \u2014 but if you add up the amount of money that the government is promising to spend for entitlement programs in the future and compare that figure to the amount of revenue that the government projects it will collect for those programs, the cumulative shortfall is more than $100 trillion. And that\u2019s after adjusting for inflation. Some politicians claim this huge, baked-into-the-cake expansion of government isn\u2019t a problem, because we can raise taxes. But that\u2019s exactly what Europe\u2019s welfare states tried \u2014 and it didn\u2019t work. Simply stated, even huge tax hikes won\u2019t stem the flow of red ink in the long run if government keeps growing faster than the private economy. This is the fiscal problem that demands attention. Absent real entitlement reform, such as block-granting Medicaid to the states, the burden of government spending will consume ever-larger shares of our economic output with each passing year.<\/p><\/blockquote>\n<p>via <a href=\"http:\/\/danieljmitchell.wordpress.com\/2012\/12\/03\/explaining-in-the-new-york-post-that-the-fiscal-cliff-is-just-a-speed-bump-on-the-road-to-a-real-crisis\/?utm_source=twitterfeed&amp;utm_medium=twitter\">Explaining in the New York Post that the Fiscal Cliff Is Just a Speed Bump on the Road to a Real Crisis \u00ab International Liberty<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dan Mitchell writes in the New York Post: A lot of people get upset about the national debt, which is somewhere between $11 trillion and $16 trillion, depending on whether you include money the government owes itself. Those are big numbers \u2014 but if you add up the amount of money that the government is &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/03\/fiscal-cliff-is-just-a-speed-bump-on-the-road-to-a-real-crisis-international-liberty\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Fiscal Cliff Is Just a Speed Bump on the Road to a Real Crisis &#124; International Liberty&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,34],"tags":[59,1604,1624,2773],"class_list":["post-6321","post","type-post","status-publish","format-standard","hentry","category-economy","category-us-canada-countries-regions","tag-fiscal-cliff","tag-government-spending","tag-growth","tag-private-sector"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fiscal Cliff Is Just a Speed Bump on the Road to a Real Crisis &#124; International Liberty - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fiscal Cliff Is Just a Speed Bump on the Road to a Real Crisis &#124; International Liberty - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Dan Mitchell writes in the New York Post: A lot of people get upset about the national debt, which is somewhere between $11 trillion and $16 trillion, depending on whether you include money the government owes itself. Those are big numbers \u2014 but if you add up the amount of money that the government is &hellip; Continue reading &quot;Fiscal Cliff Is Just a Speed Bump on the Road to a Real Crisis &#124; International Liberty&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/03\/fiscal-cliff-is-just-a-speed-bump-on-the-road-to-a-real-crisis-international-liberty\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-12-03T21:03:06+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/03\/fiscal-cliff-is-just-a-speed-bump-on-the-road-to-a-real-crisis-international-liberty\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/03\/fiscal-cliff-is-just-a-speed-bump-on-the-road-to-a-real-crisis-international-liberty\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Fiscal Cliff Is Just a Speed Bump on the Road to a Real Crisis &#124; International Liberty\",\"datePublished\":\"2012-12-03T21:03:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/03\/fiscal-cliff-is-just-a-speed-bump-on-the-road-to-a-real-crisis-international-liberty\/\"},\"wordCount\":231,\"commentCount\":2,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"\\\"Fiscal Cliff\\\"\",\"government spending\",\"growth\",\"private sector\"],\"articleSection\":[\"Economy\",\"US &amp; Canada\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/03\/fiscal-cliff-is-just-a-speed-bump-on-the-road-to-a-real-crisis-international-liberty\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/03\/fiscal-cliff-is-just-a-speed-bump-on-the-road-to-a-real-crisis-international-liberty\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/03\/fiscal-cliff-is-just-a-speed-bump-on-the-road-to-a-real-crisis-international-liberty\/\",\"name\":\"Fiscal Cliff Is Just a Speed Bump on the Road to a Real Crisis &#124; International Liberty - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2012-12-03T21:03:06+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/03\/fiscal-cliff-is-just-a-speed-bump-on-the-road-to-a-real-crisis-international-liberty\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/03\/fiscal-cliff-is-just-a-speed-bump-on-the-road-to-a-real-crisis-international-liberty\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/03\/fiscal-cliff-is-just-a-speed-bump-on-the-road-to-a-real-crisis-international-liberty\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Fiscal Cliff Is Just a Speed Bump on the Road to a Real Crisis &#124; International Liberty\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-1DX","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":23294,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/12\/19\/asx-200-and-the-fiscal-cliff\/","url_meta":{"origin":6321,"position":0},"title":"ASX 200 and the fiscal cliff","author":"Colin Twiggs","date":"December 19, 2020","format":false,"excerpt":"Iron ore continues to trade above $150\/tonne, driven by surging infrastructure investment in China and constrained iron ore supply from Brazil. There is a widely held view that prices will fall next year if infrastructure spending dwindles and Brazilian supply recovers. The Australian economy is overly-reliant on iron ore exports\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":62357,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/09\/10\/gold-flags-a-secular-bear-market-in-bonds\/","url_meta":{"origin":6321,"position":1},"title":"Gold flags a secular bear market in bonds","author":"Colin Twiggs","date":"September 10, 2025","format":false,"excerpt":"Key Points Government bonds sell at inflated prices as central banks suppress long-term yields. Long-term yields are in a cyclical downtrend, driven by speculators. However, long-term bonds are in a secular bear market fueled by fiscal instability and a rising threat of inflation. International capital flows will also dry up\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Combined Assets of the Fed, ECB, BOJ, and PBOC","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-03-cb-assets.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-03-cb-assets.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-03-cb-assets.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":6157,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/11\/13\/australia-not-fiscal-cliff-fiscal-flab\/","url_meta":{"origin":6321,"position":2},"title":"Australia: Not fiscal cliff &#8212; fiscal flab","author":"Colin Twiggs","date":"November 13, 2012","format":false,"excerpt":"Jessica Irvine writes that Australia is faced with an aging population and spiraling health costs, but a free-spending government will leave us unprepared. Two veteran Budget forecasting groups, Deloitte Access Economics and Macroeconomics, have in recent days delivered their verdict on Mr Swan's mid-year Budget update: It's codswallop. The Federal\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":24219,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/02\/22\/inflation-this-time-is-different\/","url_meta":{"origin":6321,"position":3},"title":"Inflation: This time is different","author":"Colin Twiggs","date":"February 22, 2021","format":false,"excerpt":"The commonly held view, recently echoed by Chairman Jay Powell, is that the Fed has tamed inflation and it is no longer a major consideration in monetary policy. Full employment is seen as the primary goal and the Fed is prepared to tolerate a \"temporary\" increase in inflation. But as\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":63098,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/11\/19\/japans-debt-is-a-global-problem\/","url_meta":{"origin":6321,"position":4},"title":"Japan&#8217;s debt is a global problem","author":"Colin Twiggs","date":"November 19, 2025","format":false,"excerpt":"Key Points Japan's GDP contracted 1.8% in the third quarter due to tariffs. A Japanese government advisory panel proposes a 25 trillion yen ($161 billion) supplementary budget to fund stimulus. The Yen weakened, and 30-year JGB yields climbed to 3.35%. German Bund yields are also rising, increasing pressure on long-term\u2026","rel":"","context":"In &quot;Fixed Income&quot;","block_context":{"text":"Fixed Income","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/fixed-income\/"},"img":{"alt_text":"US Net International Investment Position","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-11-17-us-niip.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-11-17-us-niip.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-11-17-us-niip.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":4983,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/07\/30\/federal-spending-cutbacks-slow-recovery-wsj-com\/","url_meta":{"origin":6321,"position":5},"title":"Federal Spending Cutbacks Slow Recovery &#8211; WSJ.com","author":"Colin Twiggs","date":"July 30, 2012","format":false,"excerpt":"BEN CASSELMAN and CONOR DOUGHERTY: Recent economic data show that long before the fiscal cliff hits, federal spending already is falling -- and taking a toll on the recovery.......State and local governments are projected to receive $20.8 billion in federal stimulus funds in the 2012 fiscal year, ending in September,\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6321","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=6321"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6321\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=6321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=6321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=6321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}