30 Aug Labor Day Forecast Bleak
Next Monday we observe Labor Day. This federal holiday originated as a day to pay tribute to the contributions of the American worker. Unfortunately, there is little to celebrate this Labor Day for the 8.3% of Americans that are currently unemployed.
While the economic climate is bad now, it could get even worse. Just last week, the Congressional Budget Office released its updated budget and economic forecast, which projects a bleak economic outlook if Congress fails to address automatic spending cuts and allows a tax hike on all Americans set to take effect on January 1, 2013.
Federal debt held by the public could reach its highest level since 1950, and another recession could cause unemployment to soar above 9 percent by the end of 2013.
The American people are rightfully disheartened, and it is time our government step up and ensure we do not slip off the fiscal cliff.