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Manufacturers: Fiscal Shock Already a Drag on Economic Growth

November 1, 2012

Manufacturers: Fiscal Shock Already a Drag on Economic Growth

Source: National Association of Manufactuers

The National Association of Manufacturers (NAM) today released a new report, Fiscal Shock: America’s Economic Crisis, that shows that the United States is already struggling due to Washington’s failure to address the pending fiscal cliff. The report indicates that there will be a 0.6 percent loss in GDP growth by the end of 2012. It is unsurprising that, according to recent surveys, 55 percent of manufacturers and other small business owners wouldn’t start their business in today’s climate.

Yet, if the United States falls off the fiscal cliff, the effects will be far worse. The report displays the significant harm massive tax increases and sequestration cuts will have to the United States over the next three years. The results include the following:

• More than 6 million jobs lost

• Unemployment rate of more than 11 percent

• A cumulative 12.8 percent drop in GDP

• 10 percent loss in household income

• A recession in 2013 and dramatically slowed growth in 2014

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