While The Global Economy Tottering On The Edge of America’s Fiscal Cliff, Wilbur Ross Sees Recession In US, Warns of ‘Greek’ Debt Situation!!!
December 30th, 2012
Wilbur Ross Sees Recession, Warns of ‘Greek’ Situation
Money News: The U.S. economy faces a recession if the nation goes off the fiscal cliff and key tax cuts fully expire at the end of this year, said Wilbur Ross, chairman and CEO of WL Ross and Co.
And, in the wake of news the U.S. will hit its debt limit earlier than expected, the billionaire financier warned that the United States could soon face its own “Greek” style debt situation.
Failure to stop automatic tax increases set for Jan. 1 “would obviously have a big negative effect on disposable income and consequently, I believe would put us back into the recession when coupled with the spending cuts that are also part of it,” Ross told Newsmax TV in an exclusive interview Thursday.
Ross says that even a compromise deal that stops tax increases for many still may not save the U.S. economy.
“I think that if we don’t go over the full fiscal cliff, because we will go over some sort of a cliff even if you only raise the rates on the high-bracket people, and even if you cut back on the sequester, there still will be jolts to the economy,” Ross said.
“So the question isn’t whether or not we go over a cliff, it’s just how steep is the cliff.”