Manufacturers: Fiscal Abyss Fate Rests on Policymakers’ Shoulders
6 Million Jobs Will Be Lost if the President and Congress Fail to Resolve Crisis
National Association of Manufacturers (NAM) President and CEO Jay Timmons issued this statement after congressional leaders met with President Obama to discuss the fiscal abyss today at the White House:
“Manufacturers need action on the fiscal abyss because they are already being squeezed by economic uncertainty. By the end of the year, the United States will have taken a 0.6 percentage hit to GDP—we can’t afford any further damage. Our nation’s policymakers have a responsibility to protect the American people and prevent the second recession in five years. They must put aside partisanship and reach an agreement—one that will avoid massive tax increases that will wreak havoc on our economy and address the unsustainable entitlements that are driving our debt.
Without action from the President and Congress, our fiscal crisis will get much worse. The numbers are startling—6 million jobs lost, more than 11 percent unemployment, massive loss to GDP and a recession that will bring a weak economy to its knees.”
The NAM has released a study that explains the impact the fiscal abyss is already having on the economy and just how bad it could get if the President and Congress are unable to arrive at a solution. Click here to learn more.