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UMD Study: Fiscal Cliff Could Trigger Deep Recession, Fear of Cliff Has Cut GDP Already

By Guest PostOctober 30, 2012Economyamerica, analysis, congress, debt burdens, defense spending, economic crisis, economic environment, effect, employment level, Europe, federal spending, financial crisis, fiscal cliff, fiscal shock, gdp, government policy, inforum, interindustry forecasting project, jeff werling, maryland, multiplier, nation, prediction, recession, sequestration, tax cuts, tax increase, tax reform, u.s economy, university

COLLEGE PARK, Md. – The so-called “fiscal cliff” has already begun dampening the U.S. economy – even before it officially kicks in – and by year’s end will have cut 2012 GDP an estimated six-tenths of one percent, says a new study conducted by researchers at the University of Maryland’s Interindustry Forecasting Project (Inforum).

The study, called Fiscal Shock: America’s Economic Crisis, is one of the first to look beyond the first year effects of the combined federal spending cuts and tax increases. It projects an escalating impact into 2014 and beyond, as “multiplier” effects of fiscal contraction kick in. (more…)

Maryland Commission Recommends ‘Common Sense’ Immigration Policy

COLLEGE PARK, Md. – Immigrants to Maryland contribute significantly to the state’s economy, and were vital to its workforce expansion in both technical and less-skilled occupations from 2000 to 2010, concludes a new report by a Maryland commission. During this period, immigrants mostly complemented rather than competed with U.S.-born state residents for jobs, it adds.

The Commission to Study the Impact of Immigrants in Maryland, a state panel coordinated by the University of Maryland, evaluated the economic contributions of the state’s foreign-born and the cost of government services for them. It also studied the education experience of the children of immigrants, immigration law enforcement issues facing local communities, and the use of the federal E-Verify system to verify workers’ immigration status. (more…)

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UMD Study: Fiscal Cliff Could Trigger Deep Recession, Fear of Cliff Has Cut GDP Already

Maryland Commission Recommends ‘Common Sense’ Immigration Policy