Effects would add more hurt to Great Recession’s impact
By Charles Hallman
Low- and moderate-income people will immediately be adversely affected if the country plunges over “the fiscal cliff” at the beginning of the year, predicts a former Obama administration member. Automatic tax hikes and spending cuts will take place unless Congress and the White House reach an agreement by December 31. Last week, on a New America Media-scheduled teleconference with reporters, including the MSR, Center on Budget and Policy Priorities Senior Fellow Jared Bernstein said that “low-income people will feel [it] right away if we go over the fiscal cliff” on January 1.
“Current conditions actually are very tough on low-income people,” said Bernstein. “Fifteen percent of the population are in poverty, and if you look at folk who are disproportionately low-income, African American poverty is closer to 28 percent [and] Hispanics at 25 percent. Continue Reading →