Fiscal Cliff

This tag is associated with 15 posts

The Fiscal Cliff Deal and the ‘Safety Net’

The deal doesn’t include any explicit cuts to the social insurance or safety net programs that are dear to Democrats’ hearts. But somehow the party of Franklin Roosevelt and Lyndon Johnson forgot that spending has to be paid for. The ability of the federal government to protect its citizens against the risks of old age … Continue reading

Fiscal Cliff / Avoided at What Cost?

Some thoughts on the new fiscal agreement: The economy needs a stimulus, but under the agreement, taxes will go up in 2013 relative to 2012 — not only on high-income households, as widely discussed, but also on every working man and woman in the country, via the end of the payroll tax cut. For most … Continue reading

Fiscal Cliff / A Reminder

What is causing all the sturm und drang? Is this really a Mayan apocalypse of expiring tax breaks and sequestered spending cuts. Hardly — here is what we are discussing, in terms so simple even a congressman could understand it: • Bush tax cuts expire; tax rates revert to Clinton-era levels. Recall this was originally designed to get rid … Continue reading

Fiscal Cliff / The Impact on American Jobs

As the year draws to a close, policymakers and the media have their sights fixed on the “fiscal cliff,” the federally mandated set of cuts in spending and increases in taxes scheduled to go into effect at the beginning of 2013. Most economic observers agree that, unchecked, this precipitous drop in government expenditures and spike … Continue reading

Fiscal Cliff / Federal employees- from skeptical to alarmed

Federal employees have been skeptical for months that the biggest cuts to government spending in history could really happen. But with the “fiscal cliff” a week away, workers are now growing increasingly alarmed that their jobs and their missions could be on the line. President Obama and members of Congress headed out of town late … Continue reading

Fiscal Cliff / Focusing attention on partisan maneuvers

Washington has a way of focusing the nation’s attention on tactical games over partisan maneuvers that are symptoms of a few really big problems. But we almost never get to debate or even discuss the big problems because the tactical games overwhelm everything else. The debate over the fiscal cliff, for example, is really about … Continue reading

US / Democrats want jobless benefits in Fiscal Cliff deal

Hovering in the background of the “fiscal cliff” debate is the prospect of 2 million people losing their unemployment benefits four days after Christmas. “This is the real cliff,” said Sen. Jack Reed, D-R.I. He’s been leading the effort to include another extension of benefits for the long-term unemployed in any deal to avert looming … Continue reading

Fiscal Cliff / UI Benefits will end for 3 M: A Brief Overview of the Legislative Procedures for Adjusting the Public Debt Limit

The Fiscal Cliff means that Unemployment Benefits will abruptly end for 2 million in dec., and nearly one million more in the first quarter of 2013. So the important question is that is the legislative procedures for adjusting the public debt limit ? Here is the summary of a Brief Overview by Congressional Research Service. *-* … Continue reading

Unemployment Insurance / Its Importance for American Families and the Economy

Among the many spending cuts and tax increases legislated to take effect at the turn of the year, few policies have as direct an effect on those most affected by the Great Recession than the expiration of extended unemployment insurance (UI) benefits. In the first week of January, roughly two million individuals will lose extended … Continue reading

US / Fiscal Cliff and Unemployment Insurance: four options to extend benefits and their costs

The unemployment insurance (UI) system is a partnership between the federal government and state governments that provides a temporary weekly benefit to qualified workers who lose their job and are seeking work. The amount of that benefit is based in part on a worker’s past earnings. CBO estimates that UI benefits totaled $94 billion in … Continue reading

California / Fiscal Cliff / 400,000 long-term jobless on the edge

The federal budget crisis in Washington known as the “fiscal cliff” has an estimated 400,000 long-term jobless Californians on the edge. A 41/2 -year-old program of emergency federal jobless assistance, which provides many of the state’s unemployed up to $450 a week in benefits, is scheduled to expire Dec. 29 — unless Congress and President … Continue reading

End of UI extensions / Labor market would lose 400,000 jobs in 2013

Federally funded extended unemployment insurance (UI) benefits are set to expire at the end of this year. These benefits serve two very useful public purposes. Most obviously, they provide a lifeline to the long-term unemployed and their families during the deepest and longest economic downturn since the 1930s.1 Less understood but equally crucial, the UI … Continue reading

US | Fiscal Cliff | 2 million jobless Americans could lose UI

Congress last lengthened the deadline to file for benefits in February, but lawmakers also restructured the program at the time. The maximum number of weeks the jobless can collect unemployment benefits was reduced to 73 weeks. And in all states save New York, the jobless are no longer eligible for a separate federal extended benefits … Continue reading

US | Wealthy | Would a tax hike cost 700,000 jobs ?

Rep. Pete Sessions, however, went further, and actually claimed hundreds of thousands of people would lose their jobs if Obama’s proposed tax increase went into effect. What’s the math behind his claim? The Facts According to an aide, Sessions obtained his figure from a study prepared last year by two economists at Ernst & Young for … Continue reading

US | CBO | Unemployment lower in the next few years if the fiscal cliff removed

Substantial changes to tax and spending policies are scheduled to take effect in January 2013, significantly reducing the federal budget deficit. According to CBO’s projections, if all of that fiscal tightening occurs, real (inflation-adjusted) gross domestic product (GDP) will drop by 0.5 percent in 2013 (as measured by the change from the fourth quarter of … Continue reading

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