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Forbes: A Guide to Understanding the Fiscal Cliff

4. What Happens if Congress Fails, and We Fall Over the Fiscal Cliff?

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

(AFP)

More from Forbes:
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.

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