While deficit reduction would be, in general, beneficial over the long term, the sudden impact of the tax increases and reduced governmental spending could shock our economy and the financial markets.

FORBES: Austerity And Bankruptcy Not The Only Fiscal Cliff Endgames

In a correction, housing prices are likely to revert to the mean, economists say, potentially a big shock to home owners and investors who have grown accustomed to double-digit increases in property values and low interest rates that have allowed them to refinance and unlock more of the equity in their homes.

FORBES: Look Out Below, Home Buyers