Sunday, September 2, 2012

The Fiscal Cliff of 2013 That America Faces

by Samuel E Burns

Just finished reading an article that warns of the Fiscal Cliff that America faces on January 1, 2013. It is a far greater crisis than previously believed, said the Congressional Budget Office (CBO). According to the CBO, this looming crisis will trigger a greater rise in unemployment than originally predicted and further implying a deep recession next year.
The CBO now says that the U.S. economy will weaken even if Congress is able to delay some of the tax increases and spending cuts. The CBO numbers that are released each month, have to be revised and it is usually for the better. It furthers asks the question, whether the CBO has become political or pressure has been applied.
The article went on to say that the economy is far weaker than the CBO predicted earlier this year, even before the brunt of the Fiscal Cliff begins to hit.
In addition to the largest tax hike and spending cuts in history, consider this: Extended unemployment benefits and other emergency measures will also expire at the end of this year, dealing another deadly blow to the U.S. economy.
Companies and consumers are cutting back on spending in preparation for the crisis, a factor that’s already having an impact on industry and will continue to be felt in the months ahead.
It is time to look for new leadership and not people looking to get reelected. The election in November is even more important now to America and it future. Lets not make this about a popularity contest, likeability, speeches or looks but on policies and which candidate will get the job done.

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