We're Already Feeling the Fiscal Cliff
Report says threat has cost US 1M jobs this year
By Matt Cantor, Newser User
Posted Oct 26, 2012 7:40 AM CDT
In this Sept. 21, 2012 file photo, House Speaker John Boehner of Ohio gestures during a news conference on Capitol Hill in Washington.   (AP Photo/J. Scott Applewhite, File)

(Newser) – We're not supposed to go over the "fiscal cliff"—an array of budget cuts and tax hikes that could cut $500 billion out of the economy—until January. But the US is already feeling the effects of the impending budget uncertainty, a report by the National Association of Manufacturers finds. It says 1 million jobs have been lost this year as companies retrench in advance, reports the Washington Post, and it warns things will get worse if lawmakers fail to find agreement: Unemployment up to almost 12%, six million jobs eliminated through 2014. (The CBO has a less dire forecast.)

Many companies have been cutting jobs and delaying purchases, the reports says. "I don’t think the political leadership in this country has an understanding of how long it could take to turn this boat around," says one worried business owner whose company has cut 150 jobs in recent months. "Even if you think there’s not much of a chance of this happening, businesses and consumers are still worried," notes the analyst who organized the report. In fact, "we’ve probably already lost 0.5% of GDP growth in 2012, just from the fiscal cliff hovering over our heads." Still, a glimmer of hope: 80 top CEOs yesterday said they'd accept higher taxes alongside spending cuts in an effort to cut the debt, thus pointing the way toward a potential deal to avoid the cliff.

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Showing 3 of 64 comments
MSCOTTASHLEY
Oct 29, 2012 7:25 PM CDT
I hate this man's agenda. He and his pals are lying pieces of shit and anyone who believes them should take time to Google the facts.
Wrongdirection
Oct 28, 2012 11:04 PM CDT
House Speaker John Boehner shouldn't even be in the same room with the stars and stripes, His agenda is to sink this country and he's doing a grand job of it. Is he getting his leads from Iran? Naw they couldn't do as good of a job as ol' John Boy! Typical of our entire congress, everyone could care less about picking this country up. They want to give themselves another raise 6 more months of recess to play in the sand box with their Tonka's. Gees, I'd give most anything to have a congress from 150 years ago in the halls for the next 20 years, so these jacks could get a clue what this country is all about and what running this country is all about.
FU911LOL
Oct 27, 2012 5:59 AM CDT
IF BONER'S CONCERNED ABOUT THE FISCAL CLIFF, HE SHOULD GET HIS CONSERVATIVE DILDO OUT OF HIS ASS, SHOVE IT UP NORQUIST'S ASS, SUPPORT THE PRESIDENT'S JOBS BILL, AS WELL AS ENDING TAX BREAKS FOR THE 2%, AND AN END TO SUBSIDIES FOR OIL & GAS COs!!!