beretta304
Rookie
- Banned
- #1
The report called the potential job loss dramatic and said the economy could lose 3.6 million jobs by 2013 and in 2014, the peak year of loss, employment is 5.7 million jobs lower relative to the baseline. The unemployment level could be at nearly 12 percent in 2014 and remain poor through 2015.
Even if the Administration and Congress resolve the uncertainty before the end of the year, economic growth already has sustained significant damage, the report concluded. The short-term fiscal contraction set for 2013 will trigger long-run durable losses to GDP, productivity, and real income.
Even under the best-case scenario, it will take almost a decade for economic activity and employment to reach the levels they would have reached without a fiscal shock. While the spending cuts and tax increases reduce the federal deficit and debt, the substantial negative consequences of not addressing the end-of-year fiscal crisis before it happens will be
devastating.
Read more on Newsmax.com: National Association of Manufacturers Report Shows Grim Economic Future
Even if the Administration and Congress resolve the uncertainty before the end of the year, economic growth already has sustained significant damage, the report concluded. The short-term fiscal contraction set for 2013 will trigger long-run durable losses to GDP, productivity, and real income.
Even under the best-case scenario, it will take almost a decade for economic activity and employment to reach the levels they would have reached without a fiscal shock. While the spending cuts and tax increases reduce the federal deficit and debt, the substantial negative consequences of not addressing the end-of-year fiscal crisis before it happens will be
devastating.
Read more on Newsmax.com: National Association of Manufacturers Report Shows Grim Economic Future
