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CBO: Democrats' Fiscal Cliff Would Plunge US Back Into Recession, Spike Unemployment

Dee157 Wrote: Aug 23, 2012 3:03 PM
There are over 100 Million people either unemployed or underemployed. There are 47 million people on some type of Government assistance. They didnt have all these programs to put people in back in the 30`s. The only number they had in the 30`s was the unemployment number. If that formula were used today the Unemployment rate would be over 31%. So it is actually higher now than it was then.

Often lost in the daily hubbub of the 2012 horse race is the proverbial sword of Damocles hovering over the nation's economy.  The CBO sounds the alarm.  Again:

The nonpartisan Congressional Budget Office on Wednesday warned the economy will enter a recession next year if the country goes over the so-called fiscal cliff. In its most dire warning yet about the fiscal cliff, the CBO said the economy would contract by 0.5 percent in calendar year 2013 if the George W. Bush-era tax rates expire and automatic spending cuts are implemented. Unemployment also would rise...