Skip to comments.Fiscal Cliff = “Enormous Hit” to the Economy, Holtz-Eakin Says
Posted on 07/20/2012 12:34:42 PM PDT by Kartographer
America is headed for a fiscal cliff if members of Congress fail to act before the end of the year.
Many economists agree that if no action is taken, 2013 will begin with a $600 billion drag on the economy, or a 4 to 5 percent hit to GDP, due to a combination of tax hikes and budget cuts set to take effect. To put that in perspective, the knock to economic growth could be twice as much as current GDP growth forecasts for all of 2012 and more than any annual GDP growth in the last decade.
Former Treasury Secretary Robert Rubin said this week at the CNBC Institutional Investor Delivering Alpha conference that the impact of the fiscal cliff could be worse than the fallout from the 2008 financial crisis, which resulted in the worst recession since the Great Depression.
(Excerpt) Read more at finance.yahoo.com ...
Let me see if I get this: the expiration of the Bush tax cuts were to be an increase of $289 bil. The deficit reduction agreement cut over 10 years, IIRC? Where is the 600 bil?
Increasing taxes is hardly ever a good thing...cutting spending by the gummint almost always is....The “fiscal cliff”, it appears, is a cliff only to the dumblecrats. To the rest of us it might be a good thing?
Like I said, I don’t know...but if dumbles are upset, then America will probably be the winner.
These doomsayers sound an awful like the AGW/IPCC CO2 scammers. If we don’t do what they want we will be doomed later. Isn’t that exactly how the ancient priests kept the villagers in line to do their bidding.
That’s how TARP got passed.
And a heroin addict goes through withdrawal if they don’t keep getting heroin fixes. The issue is SPENDING. It needs to be CUT. If that means we have a recession, so be it. Its artificial. We need real growth. Not government boondoggle growth.
“Former Treasury Secretary Robert Rubin said this week at the CNBC Institutional Investor Delivering Alpha conference”
The foxes are guarding the hen-house folks. Get ready. And they just can’t stand the wait for Extortion-Care.
There is really no question in my mind. The status quo will persist. The only question is will the rich get to pay their fair share?
In a political year, in which the Democrats are in serious danger, there is only one issue considered to guarantee that the apathetic base will be roused from lethargy. That is those who love the rich must be defeated.
Extreme class warfare is being engaged in desperation. Being fair is stealing from your affluent neighbor. Being fair means you pay nothing.