With congress going out for another recess and both presidential candidates preoccupied with campaign politics, it seems like everyone has all but forgotten about the most serious issue looming over businesses and the US economy – the pending fiscal abyss. If Washington refuses to face reality and doesn’t take action to address this crisis, on January first we will be hit with $500 billion in tax increases and $109.3 billion in automatic, across-the board budget cuts.
Boeing has launched a new website, nocliff.com, to remind lawmakers that this is a serious threat to our economic security and that these devastating cuts and tax increases will affect every industry and every American. The website highlights the NAM’s study on the impact of the defense spending cuts, which found that the cuts will result in a loss of over 1 million private sector jobs up and down the defense industry supply chain. The website also reinforces the CBO warning that going over the fiscal abyss will mean a significant recession in 2013 and a loss of nearly 2 million jobs. These are numbers that Congress cannot continue to ignore.
With all signs pointing to a severe economic blow next year and the looming uncertainty already effecting businesses and investment, Washington must fix this now. Take action through NAM’s Manufacturing Works website and tell Congress to act before we plunge of the fiscal abyss.