Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
What do the democrats in the senate and Obama do about it? Why of course nothing. I guess what is sad is unemployment is at 8% now and the economy is already in the tank. All democrats care about is themselves and getting re elected.
"He added that under current law, there will be 2 million fewer jobs if the fiscal cliff is allowed to take place, and said most of the contraction is due to the tax increases.The contraction would be very severe in the first half of 2013. CBO sees the economy contracting by 2.9 percent in the first half — deeper than the 1.3 percent negative growth it had seen previously from the fiscal cliff.
To put the figures in context, the economy was contracting at a quarterly rate of about 3.5 percent at the depth of the recession in the early 1990s. The CBO said a recession caused by the fiscal cliff would likely resemble that downturn more than the more recent recession caused by the financial crisis, when the economy contracted at an 8.9 percent rate in the final quarter of 2008.
The gloomy picture of rising debt and weak economic growth marks CBO’s final major report before the November election. The report is a sharp contrast with the 1.1 percent in growth the CBO projected in January for 2013 and 0.5 percent growth it projected in May.
CBO says the fiscal cliff will be worse than it had previously projected and that the “underlying strength” of the economy is weaker"
Its often said that the US has to be at the edge of a cliff before they act and europe has tpo be hanging offf the edge before they act.With liberal democrts being i power it seems they will have to hang off the edge if they do act at all.
One would have to do something before a filibuster took place. I guess some remark by some guy from mizzou who nobody ever heard of before is much more important than our entire country collapsing economically though. I forgot.
CBO director warns of deep recession, 2 million fewer jobs if fiscal cliff isn't avoided
Don't worry about it.
The "Fiscal Cliff" is designed to take place at the beginning of 2013. The effects will be felt after Obama leave office in Jan. 2013, and the Democrats will be in a perfect position to blame Republicans and only Republicans, for the resulting pain and financial collapse.
It's all under control.
Sure, a lot of American citizens will get hurt. But you can't make an omelet without breaking a few eggs. This is the Democrats' ticket back into power after getting kicked out in Nov. 2012. Would you deny them that?
“Europe is already in recession,” he said. “Germany is still growing very, very slightly, but is likely to go into recession soon.”
Growth in the U.S. is also falling off.
“The U.S. economy has decelerated and I don’t see much growth in the next six to 12 months,” Faber said.
There’s also little the Federal Reserve and other policy makers can do to turn the U.S. economy around. “I think that if you look at the injection of liquidity and the intervention by the Federal Reserve and the Treasury with fiscal measures, it has already impoverished the U.S. economy,” he said.
Is that before or after the Republican Filibustering takes place?
In fact, the fiscal cliff was something that the GOP demanded, back when they were all worked up about the debt. By cutting spending and raising taxes, the "cliff" helps balance the budget tremendously, and it was designed specifically to cut priorities for both parties, so they'd have some incentive to compromise and work on another solution. But in the end, republicans still refused to compromise at all, so the cliff that they demanded remains in place.
I have to admit, it's funny to suddenly argue that cuts to government will leave people unemployed. At least they're starting to reconnect with reality, in some small way. They still ironically howl about how this is Obama's fault and he should stop blaming Bush, but you take what you can get.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Marc Faber's (a.k.a. Mr. Doom & Boom) opinion
