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‘Fiscal cliff’ deal will push up unemployment
Posted By admin On January 2, 2013 @ 10:43 am In Money Watch | Comments Disabled
Jan 2, 2013
Forecasters expect the U.S. Labor Department on Friday to report the economy added 155,000 jobs in December — substantially less than is needed to pull unemployment down to acceptable levels.
The tax-and-spending package passed by the U.S. Senate and House of Representatives provides little prospects of improvement, as the U.S. economy continues to suffer from insufficient demand and will continue growing at a subpar 2 percent a year.
Factors contributing to weak demand and slow jobs creation are the huge trade deficits with China and other Asian exporters and on oil.
However, on the supply side, increased business regulations, rising healthcare costs and mandates imposed by Obamacare, and now higher taxes on small businesses discourage investments that raise productivity and competitiveness and create jobs.
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