The fiscal cliff clock is ticking, and that makes everyone nervous.
Washington has until December 31 to avert massive spending cuts and tax increases.
“This kind of stuff effects the markets because when there's uncertainty with us and our government and moving forward that causes domestic stocks to drop,” said financial planner Roger Stukkie.
Stukkie said the bickering over the fiscal cliff has already caused damage, and not just on Wall Street.
“Everybody is extremely nervous and scared about what’s going on right now which is causing kind of a paralysis,” Stukkie said.
According to the Tax Policy Center, if Ohioans go off the fiscal cliff, taxes for most will go up around $2,200. They said it could lead to another recession and fewer jobs.
“When I hear fiscal cliff I know everybody’s taxes are going up,” said Gabe Kriz, a junior public affairs major at The Ohio State University.
In addition he's working full time, and he's bewildered that politicians are putting funding for higher education at risk.
“I don't think it's fair. I've personally received Pell Grants, and I've taken a lot of student loans out as well as everyone else I've talked to,” said Kriz.
If the U.S. goes over the fiscal cliff, student aid will be cut 8.2 percent. The TRIO and GEARUP programs will face deep cuts and interest rates on student loans will go up.
“Everytime things go up, my social security doesn't go up,” said Pat Hagenlocker.
Costs are also on the mind of Hagenlocker. She's retired, and at age 75, said seniors are being victimized.
“I'm on the cliff, and I’m going to fall off. I mean that's the way most seniors feel. We have no control, and we know that,” said Hagenlocker.
The fiscal cliff will hit the elderly especially hard. Medicare will be cut. Food stamps, programs for veterans and home healthcare workers will all be cut too.
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