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Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
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In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.
[quote:IssueX:MV8yMDQ5NzcwXzM0NDQ1NjUzXzNEOUU4RTU5] [quote:Lady Jane Smith:MV8yMDQ5NzcwXzM0NDQ1NDI1Xzk4Mzg2OUM1] [quote:Anonymous Coward 18110742:MV8yMDQ5NzcwXzM0NDQ1Mjc4XzlGNzM5RDhG] I wish they would allow the US to fall off that fiscal cliff. It isn't as bad as you've been led to believe. It will bring automatic MASSIVE cuts to military and government spending, [b]while leaving entitlements alone. [/b] If we go off that cliff it will hurt them a lot more than it will hurt the people. Postponing it while coming up with more ways to destroy the people and this country is a good idea? [/quote] WTF??? The entitlement crowd needs to suck it up along with everybody else. Why should they sick back, fat & dumb, while everybody else has to suffer? [/quote] leaving entitlements alone? LMFAO!!! okay sparky, if you really think that, let's sit down again in 6 months and go over the map, k? just as long as it doesn't mess with your little corner of the world, you're ok with this? Do you realize that your "MASSIVE cuts to military and government spending" are PEOPLE People who work for the government, people who work for the military, people who work for government and military suppliers and the entire chain all he way back to your home state Government employment has been one of the ONLY bright spots in national employment figures outside of Texas (which has created over 50% of private sector jobs) Those people will stop spending and start trying to join you on the entitlement wagon...all while they stop paying taxes to help support the system and what happens then? You think entitlements are safe? You must have no clue of how these get funded, how deep in the red most entitlement programs already are, and what little it would take knock down the house of cards [/quote]
Original Message
Up to 3.4 million jobs would be lost, the Congressional Budget Office estimates. The unemployment rate would reach 9.1 percent from the current 7.9 percent. Stocks could plunge. The nonpartisan CBO estimates the total cost of the cliff in 2013 at $671 billion.
Collectively, the tax increases would be the steepest to hit Americans in 60 years when measured as a percentage of the economy.
"There would be a huge shock effect to the U.S. economy," says Mark Vitner, an economist at Wells Fargo.
Most of the damage — roughly two-thirds — would come from the tax increases. But the spending cuts would cause pain, too.
The bleak scenario could push the White House and Congress to reach a deal before year's end. On Tuesday, Congress returns for a post-election session that could last through Dec. 31. At a minimum, analysts say some temporary compromise might be reached, allowing a final deal to be cut early next year.
[
link to news.yahoo.com
]
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