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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…)

2011: The Year Of The Tax Increase

Unless the U.S. Congress acts, there is going to be a massive wave of tax increases in 2011. In fact, some are already calling 2011 the year of the tax increase. A whole host of tax cuts that Congress established between 2001 and 2003 are set to expire in January unless Congress chooses to renew them. But with Democrats firmly in control of both houses that appears to be extremely unlikely.

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

2011: The Year Of The Tax Increase