SHOULD ONLY AMERICA WORRY ABOUT THE FISCAL CLIFF?

The term when america sneezes everyone catches a flu might be thee most scary thing to other countries. With only 8 days to come up with a solution to the fiscal cliff can really a small panel of people come up with a solution because after what happened in France can they raise taxes without the worry of people relocating. This is an article from fin24:
 US 'fiscal cliff': No deal in sight

Nov 30 2012 22:07 

 

Barack Obama (Picture: AP)

Washington - Washington politicians have one month to step back from the so-called "fiscal cliff," across-the-board tax hikes and austerity-driven spending cuts likely to return the country to recession, and a top Republican declares there has been no real progress after two weeks of talks between President Barack Obama and a divided Congress.

The president has called for settling the issue before Christmas and headed on Friday to Pennsylvania to campaign for his demand that any deal include higher tax rates on US couples earning more than $250,000 a year. 

He also wants to keep in place the smaller tax burden that lower income earners have had for about a decade.

But Republican House Speaker John Boehner, after receiving details of the Obama plan in a private meeting on Thursday with Treasury Secretary Tim Geithner, said "no substantive progress has been made" in negotiations since Congress returned to work after the 6 November election.

"Much to my disappointment, it wasn't a serious one," Boehner said on Friday of the proposal.

Democrats have said that any delay was the fault of Republicans who refuse to accept Obama's call to raise tax rates on the richest Americans.

I hope South africa has a plan to deal with this crisis which is something every country should do.