Courtesy of Bruce Krasting.
.
The Congressional Budget Office came out with its Update to the Budget and Economic Outlook 2012 – 2022 yesterday (Link). The press jumped on the report’s conclusion that the consequences of not dealing with the fiscal cliff will cause a recession in 2013. The CBO thought it might result in 0.5% YoY drop in GDP.
Ho Hum to that. If the country does not come up with some compromises, and we do fall of the fiscal cliff, the recession will be much large than a half percent decline.
…
