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Episode #32

Future of Economic Growth After the Fiscal Cliff

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Friday, November 30, 2012

Budget deficits, projected through 2022. The "CBO Baseline" shows the effects of the fiscal cliff. "Alternative Scenario" is the extension of the Bush tax cuts and the rollback of spending cuts. (Wikipedia Commons)

The question gets more urgent by the day: Can President Obama and Congress cut a deal in the next month to prevent the automatic government spending cuts and tax hikes known as the fiscal cliff?

There's another question, too: If they reach an agreement on tax hikes on the wealthy, or cutting tax breaks like the mortgage interest deduction, what then?

This week on WNYC's Money Talking, contributors Joe Nocera of The New York Times and Rana Foroohar of Time magazine discuss the potential impact of a deal to avoid the fiscal cliff on future economic growth.

Plus, Warren Buffett is making the rounds with his proposals to address the debt. Nocera and Foroohar weigh in on one of his ideas: a minimum tax of 30 percent for people making more than $1 million a year. 

Hosted by:

Jeff Greenfield

Produced by:

Daniel P. Tucker

Editors:

Charlie Herman

Contributors:

Rana Foroohar and Joe Nocera

Comments [3]

Lloyd Waldron from Long Island

Great coverage on the benefits within the economy for wage earners making a living wage and the 'trickle up' economy. The 'trickle down' argument has been part of the public discussion for decades now. Where are the real, visible, continuing benefits to the 98% of people in this economy in today's trickle down economy? Please consider investigating for as many examples as possible. This would be a great contrast in reporting on the work of the many vs the income of the 2%.

Dec. 12 2012 07:34 AM
RUCB_Alum from Central New Jersey

Not a cliff but returning to the Clinton tax rates across the board will definitely induce a recession and it would be of our own making...

15% thru $48,600
28% thru $125,400
31% thru $203,150
36% thru $398,350 and
39.6% for all income over $398,350...These rates are for 'Head of household'.

Sequestration imposes a 10% cut on ALL DISCRETIONARY spending. More money collected in taxes AND less spending by government can mean only one thing....GDP will fall which is a recession.

On top of this, the debt ceiling needs to be raised...again.

The Congress could take care of this early in January or February and the country will PROBABLY be all right but it would be better if they faced their responsibilities and did it now. The markets and credit rating agencies would be much happier if they did.

Nov. 30 2012 12:56 PM
not a cliff

IT'S NOT A CLIFF...maybe a curb. I doubt if Congress can get the Repugs to do anything correctly, such as, passing a budget.

The taxes going back to what they were will not hurt anyone. It's taken out in little bitty pieces. Don't buy beer and that will fix it for most.

Nov. 30 2012 11:56 AM

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