MyGovCost Director Emily Skarbek was a guest on KMED Radio with Bill Myer on Friday, December 17th to discuss the potential financial fall-outs from the latest tax-cut legislation and the importance of personalizing these policies for a clearer understanding of our fiscal conditions.
FoxNews is reporting that the latest legislation has produced more favorable forecasts from many economists. Analysts predict economic growth could come in close to 4 percent next year and the payroll tax cut will give American workers extra cash to spend.
And “spending” is exactly what Americans are doing, as the clock ticks down to just 48 hours before Christmas Day.
For the final three months of this year, analysts predict consumer spending rose at an annual rate of up to 4 percent. Still, consumers would have to double that pace to match the spending rate recorded in the spring of 1983, after the 1981-1982 recession. That pace helped the economy grow at a rate of 9.3 percent and lead the country to a recovery.
Stay tuned to Director Emily Skarbek and MyGovCost.org for the latest developments on the economic pendulum swing and check-in on your personal cost calculations to stay on top of how Washington’s dealings will impact you in this coming new year.