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Most in US won't be able to escape 'fiscal cliff' Congressional Buget Office Report!
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[quote:Manu-Koelbren:MV8yMDQ5NzcwXzM0NDQ2MjEzXzRDNEU0QzZG] [quote:IssueX:MV8yMDQ5NzcwXzM0NDQ1NTc1X0U0OERGN0I3] [quote:Lady Jane Smith:MV8yMDQ5NzcwXzM0NDQ1Mzc1X0UwMDA4QjA1] [quote:Anonymous Coward 1040255:MV8yMDQ5NzcwXzM0NDQ0ODcyX0NBOEQ5NjIy] [quote:Goneviral:MV8yMDQ5NzcwXzI2QkI1ODYz] 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. http://news.yahoo.com/most-us-wont-able-escape-fiscal-cliff-080128813--finance.html [/quote] This is total bull. The fiscal cliff is the 17 trillion debt with a 595 million dollar a day interest. The tax hike and layoffs are much needed. Sure [b]the rich middle class will have to spend less on luxury items[/b], so what. The lay offs will have to find another job off the taxpayer payroll, so what. [/quote] So the middle class is rich now?? [/quote] Reminds me of that old book "Animal Farm" If you aren't destitute, or making $7/hr, you are rich and deserve to be brought down to the same level We have got from a country where people aspired to do better, to one where people have no hope for themselves and all they aspire is to bring down anyone they see doing a little better They can't touch the true rich, those with hundreds of millions of millions or billions When you read the history of the Soviet Union, the envy was focused on richer farmers in the Ukraine or doctors, who for some reason are always the target for socialists and marxists for special punishment The politics of envy...groovy, I guess this is progress [/quote] :clappa: [/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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