It would be bitter medicine. A recession would begin in the first half of 2013, reducing U.S. economic growth by about 0.5%. Unemployment would increase. The jobless rate would rise to 9.1% by Dec. 2013 from 7.9% today.
Yet, it would somewhat cure the country. The budget deficit would fall to $200 billion by 2022 from $1.1 trillion today; debt/GDP would fall to 58%. Source: CBO
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: Do You Have Enough Money to Retire? How to Negotiate a Year-End Raise The Best and Worst States for Retirement The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.