2013: Will it be better than 2012?
Panelists make their predictions for key economic indicators
Roger Showley, U-T SAN DIEGO
Friday, January 4, 2013
Kelly Cunningham, National University System
The economy may slightly grow and employment increase, but the nation will not be better off by the end of the year. With payroll and upper-income tax increases, and new taxes under Obamacare taking effect, every household and taxpayer will see net take-home pay declining in 2013. The unsustainable path of “entitlement” spending on pensions and health care continues, while America’s enormous structural budget deficit compounds. “Real” inflation will escalate although underreported by official CPI figures. America’s perpetual fiscal irresponsibility will continue to increase until the real full financial cliff is ultimately reached when lenders stop lending to the U.S.