America’s Political Recession
The US could well be in a recession next year. The reason is entirely political: partisan polarization has reached unprecedented levels, threatening to send the US tumbling over the “fiscal cliff” – the automatic tax increases and spending cuts that will take effect at the beginning of 2013 unless its politicians agree otherwise.
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BERKELEY – The odds are now about 36% that the United States will be in a recession next year. The reason is entirely political: partisan polarization has reached levels never before seen, threatening to send the US economy tumbling over the “fiscal cliff” – the automatic tax increases and spending cuts that will take effect at the beginning of 2013 unless Democrats and Republicans agree otherwise.