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Home > Diamond News Center > Diamond News > Financial News

Report: Fiscal Cliff Would Total U.S. Economy

28.10.12, 13:59 / Financial News
A new report to have been issued on Friday forecasts a major crisis for the American economy if the U.S. Congress does not step in and take steps to mitigate it, the Washington Post reports. The report, authored by the National Association of Manufacturers predicts that no less than six million jobs are in danger of being eliminated in the next two years due to the fiscal cliff. Should such a scenario play out, it would jack the country's unemployment rate up to 12%.
 
The study says that one million jobs will have been eliminated in the 2012 calendar year due to the fiscal cliff, although its full effects will not begin to take effect until January, when spending cuts and tax hikes kick in.
 
Figures issued by the U.S. Commerce Department last week reveal that orders for machinery and equipment and other core capital goods plateaued in September, according to the Washington Post.
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