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News Link • Employment & Jobs

'Fiscal cliff' deal will push up unemployment


The tax-and-spending package passed by the U.S. Senate and House of Representatives provides little prospects of improvement, as the U.S. economy continues to suffer from insufficient demand and will continue growing at a subpar 2 percent a year.

Factors contributing to weak demand and slow jobs creation are the huge trade deficits with China and other Asian exporters and on oil.

However, on the supply side, increased business regulations, rising healthcare costs and mandates imposed by Obamacare, and now higher taxes on small businesses discourage investments that raise productivity and competitiveness and create jobs.

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