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 cliff’s 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 ...
The people deserve what they voted for, let ‘em have it. Income tax rates up, Social Security withholding up, health care taxes up, capital gains up, dividends tax up, estate tax up. Voters get the government they deserve and hopefully they’ll get it hard!
Let it burn. No pain no gain.
I hope they fail. High time for our nation to be marked to market.
Some say let’s do nothing and let it go over the cliff, blaming the real culprit, Obama and his pals. But, of course, the GOP would take the blame. It will not go over the cliff. Even if our side stands firm, Obama will declare a national emergency do what he wants. He is not bound by the Constitution. Then he will be praised.
absolutely right!!!
The government stayed out of the 1920 depression (the one no one talks about) and it was over in just over one year.
FDR extended the 1929 depression to 12 years by intervening!!!!!!!!!!!!!!!
Americans have betrayed their Constitution and thrown away their individual rights. America may as well just be a landmass.
all true, but it would be no contest between astrologers and the cbo
astrologers are right half the time, cbo never.
And the bridge will merely span a little further across the gap and stop where the chasm is a bit deeper...
Doesn’t matter if they do you not.
“Trends that cannot continue....won’t”
Herbert Stein
great idea..but how do you get the message to r congressmen
This says fewer help wanted signs will be hanging in the windows. There can’t be fewer than zero.
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