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Economist Says the US Will Flip Back Into Recession Without a Fiscal Cliff Deal


By Patrick   Follow   Sun, 18 Nov 2012, 5:12am PST   655 views   6 comments
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http://live.wsj.com/video/rivlin-extremely-stupid-to-go-over-fiscal-cliff/50669D48-07F2-4557-AB5E-E089E34A7EEB.html

In an interview with WSJ's Jerry Seib, the founder of the Congressional Budget Office, Alice Rivlin, says a temporary deal to raise taxes on those earning $250,000 or more could lay the groundwork for an overhaul of the U.S. tax code.

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Dan8267   Sun, 18 Nov 2012, 6:13am PST   Share   Quote   Permalink   Like (2)   Dislike     Comment 1

The word recession is meaningless. What matters is that we are still recovering from the depression. And its going to be quit a few more years.

CaptainShuddup   Mon, 19 Nov 2012, 11:46pm PST   Share   Quote   Permalink   Like   Dislike     Comment 2

We need more recessions and less Bernankessions.

Resesscions end eventually, there's just no end in sight for the Bernankession.

I mean the prices rise, and there's no inflation.
Wages plummet and it's reported wages are rising.
Employment above 20% and it's reported at 7.8%.

Explain to me again why a recession would be so bad?

Bellingham Bill   Tue, 20 Nov 2012, 1:24am PST   Share   Quote   Permalink   Like   Dislike     Comment 3

Nation's been living on credit since 1999 -- first the corporate debt of the dotcom era, then the household debt of the housing boom, and now the government debt of the "recovery".

To fix things taxes have to double in this country. Across the board, more or less.

David9   Tue, 20 Nov 2012, 1:31am PST   Share   Quote   Permalink   Like   Dislike     Comment 4

I know what I see.

When I first moved to California, there was a three year waiting list for any available storefront along Ventura Boulevard stretching from Sherman Oaks to Woodland Hills.

Still, from Sherman Oaks to Woodland Hills there are empty and available commercial properties.

uomo_senza_nome   Tue, 20 Nov 2012, 2:00am PST   Share   Quote   Permalink   Like   Dislike     Comment 5

Investment falls off a cliff .

We don't even need to cross the stupid fiscal cliff, companies are already cutting capital investments. i.e., companies are already pricing in a reduction in economic activity. Doesn't matter what the idiots in Washington do.

uomo_senza_nome   Tue, 20 Nov 2012, 4:27am PST   Share   Quote   Permalink   Like   Dislike     Comment 6

Dan8267 says

The word recession is meaningless

It is meaningful to the degree that the most common users of the word (read: mainstream media) engage in the Management of Perspective Economics (MOPE).

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