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CBO Report: Avoiding the Fiscal Cliff Costs Over $1 Trillion

Illbay Wrote: Nov 15, 2012 4:01 PM

I want to see us go over the cliff. Will it be catastrophic? Well, that's what we're told. But hang on a minute... Why is it that the government cannot suddenly stop spending money? Why is it that every private household, and every business, faced with financial upheaval, can suddenly slip that belt in several notches, and it's considered prudence. But the government JUST CANNOT do that? Please.

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jander Wrote: Nov 15, 2012 5:45 PM

I share your feelings. When was the last time federal government spending didn't increase from one year to the next? The 1920s?

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CBO Report: Avoiding the Fiscal Cliff Costs Over $1 Trillion

The Congressional Budget Office released their analysis of the group of deficit-fighting policies known as the "fiscal cliff." The big takeaway: completely averting the contraction that would occur in 2013 and 2014 would cost $1.16 trillion - entirely deficit-financed.

There would certainly be some economic benefits to all of this, however. The CBO has a wide range of estimates for the positives - between 0.8% and 5% growth in real GDP, and between 1.1 million and 5.8 million new jobs. There are a lot of caveats here, as it's an incredibly wide range of estimates, but there would...

Related Tags: Bush Tax Cuts Tax Hikes Payroll tax cut Defense Cuts Fiscal Cliff sequestration