Georgia gets benefits and repercussions from fiscal cliff
Mon, 21 Jan 2013 19:34:50 GMT —
In our Facebook Story of the Day, you wanted to know if there have been any economic repercussions in Southwest Georgia over the fiscal cliff deal.
Darton Assistant Professor of Economics, Aaron Johnson says we've seen both a positive and negative impact over the last-minute deal.
Johnson says on the plus side, taxes didn't jump for everyone, especially the middle class. Johnson says the deal also kept farm subsidies in place, which is important for the agricultural area we live in.
On the negative side, Johnson says people saw a change in their paychecks due to the new payroll tax. Although the tax didn't amount to much, Johnson says it has a big psychological impact on people.
Lastly, Johnson says the uncertainty of not having a comprehensive deal isn't good for the future. If the debt ceiling isn't addressed at the end of February, Johnson believes we will see less job growth and another downturn in the economy come summertime.
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