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CBO Predicts Recession Next Year if Bush-Era Tax Cuts are Allowed to Expire and Scheduled Automatic Spending Cuts Take Place


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#1 Disorderedliberty

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Posted 23 May 2012 - 11:49 AM

On January 1, 2013, tax cuts enacted under the Bush Administration are set to expire. On that same date, incremental automatic spending cuts, totaling approximately $2 trillion, are set to kick in. According to a study released yesterday by the Congressional Budget Office [CBO], the combined effect of these tax increases and spending cuts will lead to a recession in the first quarter of 2013. Specifically, the CBO points out that under this double whammy of automatic tax increases and spending cuts, 

[w]hich will occur under current law, growth in real (inflation-adjusted) GDP in calendar year 2013 will be just 0.5 percent, CBO expects—with the economy projected to contract at an annual rate of 1.3 percent in the first half of the year and expand at an annual rate of 2.3 percent in the second half.…


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#2 mudmanc4

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Posted Yesterday, 05:39 AM

They have already started the bush bashing , aside this. In fact the obama made a recent statement containing something to the effect of , if bush would not have done this , and that, we would not have debt as we do.

3.5 years later, one might cringe hearing a president constantly deflect blame, in this case , the press east it up, and those that follow the same writers of comedy on the nightly, are very impressionable. Easily mentally manipulated and used as basic repeaters.
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#3 tommie gorman

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Posted Yesterday, 05:54 AM

Very weak minded follow such dribble from the Obama administration. No longer do most have thier own opinions like in the old days.Yet our forfathers had to make their own minds up just to come here. America is in sad shape. If Obama makes it again I will have very little hope for america. Getting voted in not being known is one thing, but to see just what the head snake does and still get voted in leaves no faith in americans good judgement anymore. I guess we will see in the end. At least now the race card is not as much of an issue  this time, one can only hope. Maybe americans will not vote the "GUILT" ticket ths time. I never owed anyone personally, and will again whole heartedly vote against Obama.
IF YOU DON'T STAND BEHIND OUR TROOPS, PLEASE, FEEL FREE TO STAND IN FRONT OF THEM !!!
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#4 mudmanc4

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Posted Yesterday, 10:06 AM

You know , were writing history in these words. They will not only laugh at us , but we will be the ones who are ridiculed. I believe we will be spoke of as those mindless morons that refused to allow progress to just happen.

I believe this world will move to a different place as there's nothing serious enough to stop it. Already moving at a very fast pace. In fact I believe that instead of people controlling destiny , were all playing catchup , trying to patch things that have already occurred. This cannot be a good thing , this way we cannot prevent anything drastically happening , that might not reflect the internal ideas of the human race as a whole.

I said it before I'll say it again , obama is not the problem. He is an indirect result of the issue.  One of the highest that might be defined as apathy.
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