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News Link • Economy - Economics USA

Jumping Off the Fiscal Cliff

• Free Press Publications
The federal government is nearing the edge of the “fiscal cliff.” The term is used to describe the simultaneous expiration of tax cuts, increase in tax rates and supposedly massive spending cuts. Some argue that allowing the federal budget to be cut by $500 billion across the board will send the economy into another recession and this must be prevented. Others, like Frank Shostak, argue “that a cut in government outlays is actually going to be good news to wealth generators. It is, however, going to be bad news for various nonproductive activities that emerged on the back of increases in government outlays.”

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