Unlike how the media has popularized it, the fiscal cliff is not Armageddon The world will not end on January 1st and life will move on. Consumers will still go shopping, families will still meet together and celebrate the holidays, and daily life will remain somewhat unchanged. The "fiscal cliff" is actually a massive combination of tax hikes and spending cuts. The Bush tax cuts and the payroll tax cut will expire, and there will be cuts to almost every part of the government. While this may plunge us into recession, which is definitely a BAD thing, in the long term, the "fiscal cliff" may actually be a blessing in disguise. We currently have over $16 trillion in debt and we are accumulating more every second of every day. This needs to stop. The next generation of Americans are going to be living in a world where America can't even pay its bills and may even go bankrupt. Imagine that, the world's strongest nation going bankrupt. What effect will that have on the global economy? Lets just say, THAT will be financial Armageddon However, the spending cuts and tax increases in the fiscal cliff may help America get back on the right track and start cutting its debt. While the fiscal cliff is a short term economy killer, it could be a long term savior for America.