Jobs report may spur lawmakers to act on fiscal cliff
The Kansas City Star
The good news from today’s jobs report may encourage lawmakers to reach an agreement to avoid the fiscal cliff.
The Labor Department reported that employers added 146,000 jobs in November, and the unemployment rate fell to 7.7 percent from 7.9 percent in October. By reaching an agreement to avoid the fiscal cliff President Barack Obama and Congress will help keep the economic-good-times party going.
Failure to maintain the George W. Bush-era tax cuts in some form and prevent the draconian automatic spending cuts could cause the four-year-low unemployment rate to spike to double-digit European levels and push the nation back into a recession.
If that were to happen, expect the depression-era bread, soup kitchen and food pantry lines to increase.