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PNC Financial Services Group Finance Intern Interview Question (student candidate)

I interviewed in Pittsburgh, PA and was asked:
"How would you resolve the financial cliff?"
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Part of a Finance Intern Interview Review - one of 549 PNC Financial Services Group Interview Reviews

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Due to their being only two options to bring in government revenue and balance the budget to fix the 1 trillion dollar debt, you have to look at wear the main sources of revenue come from. They come from taxes. However when taxes are raised, it lowers people's incentives to try and make more money, due to diminishing returns on income. So as a result it would be best to cut entitlements, which makes up 1/3rd of gov spending. That way people wil be forced to work, due to not receiving their benefits, and it would contribute to GDP, improve our infrastructure, and bring in more income tax dollars due to a higher employment rate.
- Anonymous on Dec 04, 2012

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