american recession

[BDG]

(30 December 2012, 20:32)Mortblanc Wrote: The FC is much noise and little substance. It only means that cuts will go into place automatically and taxes will rise automatically, but not by much in either direction. That is why the conservatives are willing to hold steady and call his bluff.

The conservatives have in a lot of cases made pledges to those who elected them not to vote for any tax rises. Likewise, those that rely on the welfare vote do not want to alienate themselves from welfare claimants.

The 'fiscal cliff' is a massive get out of jail for free card for both of them. It will only have big implications for the rest of the developed world if the developed world goes into panic mode over it.

Should kick the legs out of the Chinese middle class and those that work in manufacturing and other secondary industries there.