At midnight, December 31, 2012 the United States will fall off the Fiscal Cliff.
The United States fell off the Fiscal Cliff years ago. As of the Fiscal Year ending September 30, 2012, the US spent 15.3% of the tax revenue collected on servicing debt (i.e. interest). In addition to an unsustainable debt service level, our friend Helicopter Ben (Federal Reserve Chairman Ben Bernanke) has authorized a number of Quantitative Easing Policies, which may at some point devalue the US currency beyond the point of no return. (cont for my favorite baseball Cliff's and a great story (link) about Cliff Mapes)