Skip to comments.CBO: Fiscal cliff will mean recession, rise in unemployment (Just do nothing and let it go)
Posted on 11/08/2012 6:15:21 PM PST by tobyhill
The Congressional Budget Office offered a sobering assessment of the economic implications of plunging off the fiscal cliff Thursday, just as lawmakers prepare for a fight over taxes and spending.
If Congress and the Obama administration allow scheduled tax increases and spending cuts to occur, the economy will shrink by 0.5 percent in 2013. The unemployment rate would soar to 9.1 percent up from 7.9 percent today.
Senate Finance Committee Chairman Max Baucus (D-Mont.) asked for the report and said the findings are another reminder of the need to find an alternative to the tax increases and spending cuts that make up the fiscal cliff.
The consequences of inaction will deliver a dramatic, short-term blow to the economy, Baucus said in a statement. We need to build a bridge over this fiscal cliff. We need to work together Republicans and Democrats on a solution that provides some certainty to American families and businesses, while also bringing down our deficit and debt.
The report largely echoes earlier CBO projections about the fiscal cliffs impact.
An aide for House Ways and Means Committee Chairman Dave Camp (R-Mich.) said the report confirms that raising taxes on all taxpayers will result in fewer help wanted signs hanging in the windows of businesses across the country.
(Excerpt) Read more at politico.com ...
Voters asked for this. Let them have what they voted for.
It’s not important. Vaginas,illegals and faux empathy are what matters. 4 dead Americans in Benghazi? No match for an Obamaphone. Get your priorities in order. A new day has dawned in Amerika.
ahhh..but voters don’t care about those things
The repiublicans will cave but the great unsaid here is that this fiscal pain would right the deficit and in that sense would be an enormous boost to our economy.
Because duh just spending more and more, and not taxing anyone to pay for it, is the real “fiscal cliff”.
All Republicans need to say is that Obama won. The burden of providing the leadership on any compromise rests on his shoulders.
But the MSM has gone all out today to try and pin the responsibility 100% on Boehner.
Oh what are you complaining about they legalized pot “for the children”. And they will hire more bipolar teachers to rape your kids. I don’t know why everyone is always beating up on democrats here. /s
Funny how Polico and the other MSM types never really raised this as a campaign issue. Yeah, it was mentioned, but all of a sudden it’s this crisis... after the campaign.
By allowing the 2003 Bush tax cuts to retire, taxes will be increasing the bottom rate from 10% to 15% and the 20% bracket to 25%.
Raising the 10% bracket to 15% represents what percentage of increase? (Hint: The correct answer is NOT 5%)
To those moving from the 10% bracket to 15%, their taxes will be increased by 50%!!
Raising the 20% bracket to 25% represents what percentage of increase? (Hint: The correct answer, again, is NOT 5%)its s a full-blown 25% increase in taxes
Finally, raising the 35% bracket to 39% represents what percentage of increase: (Hint: The correct answer is NOT 4%)thats roughly an 11% increase in taxes.
Time for the repubs to play the divide and conquer game.
Play the producers against the non producers.
Let's see who wins.
How about this? Cut social programs back so the dependents get only what they NEED to live without working. A minimal place to live, canned goods like many taxpayers have to eat, and coupons for thrift store clothing. Why not have THEM do some of the "fair share" to help this country?
If their comfortable life wasn't so comfortable, they'd be tax payers in no time. If they WANT more than we give them, they'll get a job.
The cut backs would save billions over night. The savings would be huge, and the dependents wouldn't be harmed by it - just inconvenienced.
Cut taxes for the working class big time. If the working class has more to spend, they'll buy. When they buy, businesses produce. The more businesses produce, the more they hire. All those on welfare would be able to find work. The whole nation would become productive. The economy would boom like it's never boomed before.
A booming economy would pay off that deficit in no time.
In other words, how about REAL change. Instead of paying and rewarding people NOT to work, how about paying and rewarding those who DO work instead?
Let’s see. 16 trillion in Federal debt, trillions more in state and local government debt, excessive dollar printing, unfunded entitlements, ongoing monumental deficit spending ,a bizarre unchecked anti capitalist EPA spewing regulations, a health and job killing Obamacare ( a left wing twofer) and high taxes and low productivity. The barbarian Obama crowned by the decadent and demented. The new trendy term is “financial cliff.” Good comic term to describe the Obama clown parade rushing toward the precipice with their tattered “Its Bush’s fault” banners fluttering.The country chose a vapid fool to lead it and will suffer the consequences. The Republicans simply do not have the political power to influence the outcome. It would actually be good politics to step aside.
Screw `em. The voters sent a powerful message.. instead of getting government out of the way and opening up opportunities for economic growth and prosperity.. they chose to be parasites, expecting productive citizens to lavish them with a lifestyle of leisure.
Amerika is nothing more than a version of France with crappy architecture, rampant crime and fat, slovenly people. It`s just a landmass to me right now.
Sorry about the `tude, all... I`m not particularly happy with this formerly great country`s voting populace these days.
I say let it happen. We’re at this point due to Obama’s crap leadership and lack of economic understanding. Boehner should refuse to raise taxes, period. And insist on spending cuts. If Obama doesn’t agree. Let it burn down. Only a crap President would leave the country so vulnerable.
Agreed. Obama needs to present what he wants....in detail.
The libs voted for it, that’s what they want. Run off the cliff full speed. Let them own it.
Everyone else just brace for impact.
Local rag Editorial chimed in with saying it’s now time for everybody in DC to get past the partisanship of the Election and work together for the good of the country.
they then went on to say that now is the time for Republicans to start getting along with Obama
Bwahahahahahahaha...the Libs own the outcome...whatever.