John R. Smith, chairman of BIZPAC, a highly respected business and political force in Palm Beach County since 1992, tackled the fiscal cliff issue skillfully in his article, Plunge off fiscal cliff may turn into a bungee jump.
Increased borrowing will cause the U.S. debt limit to be violated again, and very soon. And, without action, it is likely that the United States will enter another recession in 2013. Why? Spending cuts hurt economic activity, and tax hikes hit businesses and individuals, negatively affecting disposable income, business investment and hiring.