As Dems Threaten To Steer America Off Fiscal Cliff, Jobs Groups Warn Of ‘Devastating Effect,’ ‘Very Real Consequences To Small Businesses’

JOBS GROUPS: ‘A Major Concern For Small Business Owners’

CHAMBER OF COMMERCE: “The simple truth is that Congress and the Obama administration need to act now. The economy is still fighting its way out of a recession. Not one economic school of thought suggests it is a good idea to increase taxes when there is an 8.2 percent jobless rate.” (Caroline L. Harris, “The Unnecessary Complication Of The Fiscal Cliff,” The Chamber Of Commerce, 7/16/12)

• “The ramifications of a failure to act are easily identified. First victim? Economic growth.” (Caroline L. Harris, “The Unnecessary Complication Of The Fiscal Cliff,” The Chamber Of Commerce, 7/16/12)

• “Failure to address the automatic tax increases and spending cuts would reduce economic growth and could jeopardize economic recovery… Economists from across the political spectrum warn that such tax increases and spending cuts would have a devastating effect on a still sputtering U.S. economy, quite possibly returning it to recession.” (The Chamber Of Commerce, Open Letter To Congress, 6/5/12)

NATIONAL ASSOCIATION OF MANUFACTURERS: “…any further delay in forcefully dealing with the problem will only worsen the economic fallout that the United States is facing… and it’s time for Washington to provide the leadership necessary to ensure our economy does not fall off the impending fiscal cliff.” (National Association Of Manufacturers (NAM) President And CEO Jay Timmons, Statement, 7/6/12)

NATIONAL FEDERATION OF INDEPENDENT BUSINESS: “This is a major concern for small business owners because it creates uncertainty since owners do not know what their tax liability will be in 2013. Also, it makes it difficult to hire new workers or make significant investments in a business.” (“The ‘Fiscal Cliff’,” National Federation Of Independent Business)

• NFIB PRESIDENT DAN DANNER: “President Obama’s politically based move to block the extension of crucial, soon-to-expire tax provisions will have very real consequences to small businesses... This combination of tax increases and spending reductions could send the economy back into a recession further exacerbating small business owner’s outlook.” (“President Ignores Small Business Warning Of ‘Fiscal Cliff’,” National Federation Of Independent Business)

AMERICAN COUNCIL FOR CAPITAL FORMATION: “If nothing is done to pull the economy back from this ‘Fiscal Cliff’, the macroeconomic effects of these tax increases could be quite substantial, with the potential to induce a recession.” (ACCF, “Special Report,” 6/12)

• “… the negative ?scal shock of large tax increases in 2013 could cause a signi?cant downturn… The economy ends up losing 2.8 million jobs on average per year.” (ACCF, “Special Report,” 6/12)

           

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