'Fiscal cliff' worth $6b in local losses
Local recession also could ensue, says local think tank
Roger Showley, U-T SAN DIEGO
Thursday, August 23, 2012
And according to the local National University Systems' Institute for Public Policy, San Diego could see nearly $6 billion in cuts and higher taxes, virtually wiping out next year's projected increase in gross regional product.
"If I were a betting guy, I'd put the odds at somewhere between 1 in 5 and 1 in 10 that we'll be going over the fiscal cliff," said Erik Bruvold, president of the nonprofit institute, who authored the policy brief due for publication Thursday. (Fiscal cliff is the term used to describe the conundrum that the U.S. government will face at the end of 2012 if it doesn't make a decision about the tax increases and spending cuts.)
But he also said he wasn't putting the chances at zero because of continued polarized politics in Washington.