Wed Aug 22, 2012, 03:42 PM

alp227 (20,398 posts)

U.S. CBO sees worse economic wreckage from "fiscal cliff"

Source: Reuters

Massive spending cuts and tax hikes due next year will cause even worse economic damage than previously thought if Washington fails to come up with a solution, Congress' budget office said on Wednesday.

Without Congressional action to avoid a "fiscal cliff," Americans should expect a "significant recession" and the loss of some 2 million jobs, Congressional Budget Office director Doug Elmendorf said in his gloomiest assessment yet.

He said the economy is already being "held back" by the mere anticipation of the cliff and the uncertainty surrounding it. "The sooner that uncertainty is eliminated, the better," said Elmendorf.

Read more: http://reuters.com/article/idINL2E8JM38320120822

8 replies, 1748 views

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8 replies	Author	Time	Post
U.S. CBO sees worse economic wreckage from "fiscal cliff" (Original post)	alp227	Aug 2012	OP
"Fabulous. We want America to FAIL." - Republicans	Berlum	Aug 2012	#1
Is that a real bill board sign??	riverbendviewgal	Aug 2012	#5
Draft Dodger Limbaugh's desire for America to FAIL is real	Berlum	Aug 2012	#8
So...less tax cuts and more spending?	Drunken Irishman	Aug 2012	#2
Money needs to go to those who will spend it to revive the economy ...	Myrina	Aug 2012	#3
too logical for repuglicans....	lastlib	Aug 2012	#7
And ABC News is painting this as the President's fault.. and saying Romney will fix it.	progressivebydesign	Aug 2012	#4
Right according to plan...	Earth_First	Aug 2012	#6

Response to alp227 (Original post)

Wed Aug 22, 2012, 03:49 PM

Berlum (3,666 posts)

1. "Fabulous. We want America to FAIL." - Republicans

Last edited Wed Aug 22, 2012, 03:51 PM USA/ET - Edit history (1)

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Response to Berlum (Reply #1)

Wed Aug 22, 2012, 04:44 PM

riverbendviewgal (2,460 posts)

5. Is that a real bill board sign??

If it isn't it, it should be.

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Response to riverbendviewgal (Reply #5)

Wed Aug 22, 2012, 06:35 PM

Berlum (3,666 posts)

8. Draft Dodger Limbaugh's desire for America to FAIL is real

Last edited Wed Aug 22, 2012, 06:37 PM USA/ET - Edit history (1)

As is the desire of Republicans, who made an occult pact to inflict FAIL on the nation the very night the American People elected then inaugurated Obama to be their President.

As for the reality of the billboard, I don't know and don't much care. To me that seems insignificant in the face of the Occult Republican Vow against America.

http://www.fireflyfans.net/mthread.aspx?tid=51766

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Response to alp227 (Original post)

Wed Aug 22, 2012, 03:50 PM

Drunken Irishman (24,587 posts)

2. So...less tax cuts and more spending?

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Response to Drunken Irishman (Reply #2)

Wed Aug 22, 2012, 04:12 PM

Myrina (8,913 posts)

3. Money needs to go to those who will spend it to revive the economy ...

... hint: it's not CEO's or millionaires.

Give a millionaire $1,000 and he'll stick it in his checking account because he's already got enough to spare.

Give a working class family $1,000 and they'll buy their kids school stuff, buy personal items, pay a couple bills, maybe spring for a repair or two around the house, and maybe dinner/movie out with the family a couple times. All those things create 'need', which creates 'hiring', which creates 'taxes paid' to the state and local govt's, which in turn can pay for schools, roads, cops etc ...

Get the picture?

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Response to Myrina (Reply #3)

Wed Aug 22, 2012, 04:48 PM

lastlib (3,735 posts)

7. too logical for repuglicans....

they'll never get their small reptilian brains around the idea that *demand* can drive an economy.

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Response to alp227 (Original post)

Wed Aug 22, 2012, 04:42 PM

progressivebydesign (19,363 posts)

4. And ABC News is painting this as the President's fault.. and saying Romney will fix it.

I'm so fucking SICK of the corporate media.. ABC has been particularly scumming this election.

The actual report shows that this is the REPUBLICAN's problem.. We are trying to do the right thing, but the massive cuts and the inaction by the pricks in Congress, are causing this.

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Response to alp227 (Original post)

Wed Aug 22, 2012, 04:44 PM

Earth_First (11,576 posts)

6. Right according to plan...

It's high time *we* got together before *they* have it ALL.

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