Eighty big corporate CEOs are issuing joint statements through Murdoch's Wall Street Journal about the dangers from Congressional inaction on the fiscal 'crisis'. They talk down the economy, they are making announcements about layoffs, highlighting below expectation earnings, and generally spreading panic based on Congressional inaction on the 'fiscal cliff'.
Just before the election, coincidence? Probably not. Nothing about the 'fiscal cliff' requires immediate action, they aren't laying off people because of it, if they are really laying off people at all. Demand creates jobs, not corporate CEOs.
It doesn't matter what the 'lame duck' Congress or the President does right now about any of 'fiscal cliff' items. The Republicans demanded it be set up this way, when they were holding the country hostage over the debt ceiling.
They would have had 'the fiscal cliff' happen on election day, but that would have been too obvious politics even for dull witted 'independent' voters. They just pretended that everything would 'magically' come to a head at the end of the year. Pssst, the fiscal year ended September 30th. The real concern is who will be making the decisions at the end of January, when it counts for the next two years.
GDP growth is up 2% in the third quarter despite the drought, the Euro crisis, high gas prices, sagging exports, on and on. In fact this signals that the economy is poised to get that 'pent up demand' bounce that the Republicans have been holding back.
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