Cold-turkey deficit reduction would cause a significant recession. A recent analysis by the Congressional Budget Office estimated that going headlong over the cliff would cause our gross domestic product, which has been growing at an annual rate of around 2 percent, to fall at a rate of 2.9 percent in the first half of 2013.
Christina RomerRelated topics
analysis annual budget cause cliff deficit domestic fall gross growing half office product rate recent recession reduction significant percentRelated quotes
Ten percent of the big fish still remain. There are still some blue whales. There are still some krill in Antarctica. There are a few oysters in Chesapeake Bay. Half the coral reefs are still in pretty good shape, a jeweled belt around the middle of the planet. There's still time, but not a lot, to turn things around.
Sylvia Earle
I forget what the relevant American rate is, but I can tell you that our goal is to have a combined federal-provincial corporate tax rate of no more than 25 percent. We're on target to do that by 2012. We will have significantly - by a significant margin the lowest corporate tax rates in the G-7, and that's our - our government's objective.
Stephen Harper
Mundell's models allowed a significant role for fiscal policy, especially under fixed exchange rates. However, the treatment was entirely Keynesian-an increased budget deficit operated solely by raising the aggregate demand for goods. Moreover, increases in government spending and cuts in taxes had pretty much the same effect on the economy.
Robert Barro
The computer field is intoxicated with change. We have seen galloping growth over a period of four decades and it still does not seem to be slowing down. The field is not mature yet and already it accounts for a significant percentage of the Gross National Product both directly and indirectly.
Fernando J. Corbató
I have no hesitation in saying that although the American woman never leaves her domestic sphere and is in some respects very dependent within it, nowhere does she enjoy a higher station. And if anyone asks me what I think the chief cause of the extraordinary prosperity and growing power of this nation, I should answer that it is due to the superiority of their women.
Alexis de Tocqueville
