The fiscal cliff
The recent employment report from the Labor Department reinforced the importance of Congress and the White House managing well the looming collection of budget challenges, known as the “fiscal cliff.” President Obama indicated that the matter could be resolved rather quickly. He is right in theory. The trick will be setting the priorities in a sound order.
Today, there are 4 million fewer jobs than when the recession began in late 2007. Two-fifths of the unemployed have been seeking work for 27 weeks or longer. The previous high for this figure during the past 60 years was 26 percent in June 1983.
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