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The Fiscal Cliff: Where’s the Bungee Cord?
Posted By Tamara Lytle On November 27, 2012 @ 1:09 pm In Washington Watch | No Comments
If the nation goes over the “fiscal cliff,” it could be an especially steep dive for older Americans.
If Congress and the White House don’t seal a deal to avert looming tax increases and spending cuts, expect another recession with an estimated 0.5 percent reduction in gross domestic product (adjusted for inflation), warns the nonpartisan Congressional Budget Office. That may not sound like a big deal, but a contraction of the economy isn’t exactly what Americans are hoping for right now.
Here are some of the major ways the cliff dive could affect older Americans:
Can you think of other ways older Americans could be affected if we go over the fiscal cliff? Tell us what you think below.
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