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What About The Fiscal Cliff?

on October 17 2012 11:16 AM
What About The Fiscal Cliff?

The World Bank suggests that if the United States fiscal cliff is not averted it would reduce U.S. growth by 2.2 percent and global growth by 1 percent.  It does not stop there as the World Bank also mentioned that we could see a 5 percent decline in U.S. import volumes, a 6 percent decline in oil prices, a 2 percent drop in metal prices, and a 1 percent drop in food commodity prices. 

The stakes are high and the world would be the victim should the Republicans and Democrats not come to a solution regarding our debt. U.S. citizens, regardless of party affiliation, want to see progress.  Anything short of that would cost us dearly -- to avoid solving this problem head-on could cause a ripple effect impacting real GDP of high income and developing countries in 2013. Not to mention this would again paint the U.S. as the 400-pound gorilla who can’t climb a tree to find its supper.