Seamas O Dalaigh wrote:
We have been in a moderate recession for four years now
That is very difficult to say. We don't know how the USA defines "recession". The rest of the world defines it as "two consecutive quarters in which the rate of growth in GDP is negative". We know that the US does not accept that definition. We don't know what definition the US uses since it is a secret.
...there are many new taxes that kick in tomorrow...
True. But they are not yet due and payable
. Depending on the House vote, the whole event might never have happened. It would seem that jumping off the fiscal cliff has been something of a bunjee jump.
James, the definition of recession is truly a secret; the government has one that is more generous than the economists; I trust the economists.
There are many taxes that will kick-in this month including several within Obamacare regardless of the any Fiscal Cliff compromise; I wish it was not so but...
Many of us who are conservatives remember what happened the last time we let the Democrats jam something down our throats, Obamacare, so we are less likely to roll over this time. If we go over the "cliff" so be it, it will happen later if not now simply because the economy will not tolerate the current philosophy. it will collapse.