Yesterday’s CBO report demonstrates the dangerous course our country is on – one that will take us deeper into a recession. As the headline on Politico’s story about the report makes painfully clear, the “fiscal cliff equals recession.” That is what we at Ending Spending have been arguing for some time.
Indeed, last month we published a book called The Fiscal Cliff: How America Can Avoid a Fall and Stay on Top, a copy of which we sent to every Member of Congress and Senator before they left Washington for August recess. The CBO projects that if Congress fails to keep us from falling off the cliff, our economy, as measured by gross domestic product, would shrink at a rate of 2.9 percent in the first half of next year, and that unemployment could spike – once again exceeding 9 percent. This is unacceptable.
We have an opportunity to get our country on the right track if our leaders are willing to be honest with the American people about the economic problems we face and work together to resolve them – a good idea as we approach Labor Day.