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Bernanke sees good 2013 if “fiscal cliff” is avoided

Federal Reserve Chairman Ben Bernanke said on Tuesday that 2013 could be a “very good year” for the U.S. economy if politicians can strike a quick deal to avoid the so-called fiscal cliff.

The powerful central bank chief called for a credible long-term framework to put the federal budget on a sound path, but warned against action that would needlessly add to the headwinds facing the economy.

He repeated a warning that running over the $600 billion “cliff” of expiring tax cuts and government spending reductions could derail the U.S. recovery, and said worries over how budget negotiations will be resolved were already damaging growth.

“Such uncertainties will only be increased by discord and delay,” he told the Economic Club of New York. “In contrast, cooperation and creativity to deliver fiscal clarity – in particular, a plan for resolving the nation’s long-term budgetary issues without harming the recovery – could help make the new year a very good one for the American economy.”

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Good for government, perhaps. Not so good for the private sector.

Steve Eggleston on November 21, 2012 at 8:11 AM

Bernanke continues on the same course during the Obama admin. as he did during the Bush admin.

V-rod on November 21, 2012 at 8:15 AM

Bernanke sees [...]

Let me stop you right there.

ElectricPhase on November 21, 2012 at 8:15 AM

Smack today – rehab later – I promise.

forest on November 21, 2012 at 8:21 AM

2008, too.

HitNRun on November 21, 2012 at 8:22 AM

You can’t avoid any of this. We are not going to recover from our depression until the Federal Govt stops taxing the $hit out of everything & everyone.
And all of those regulatory agencies serve as nothing more but tax collectors in the form of penalties, fines, etc.
Just like the people embraced FDR when things were bad & they blindly let him make it way worse, so do many people embrace Obama bcs both of these men promised the people free stuff & both of these men used social programs & gifts of taxpayer $$ to buy votes.

Badger40 on November 21, 2012 at 8:24 AM

in particular, a plan for resolving the nation’s long-term budgetary issues without harming the recovery

What is Obama’s plan for “resolving” this? He must have ran on something during his campaign, right? Empty platitudes and cartoons of “Julia” don’t count, though.

visions on November 21, 2012 at 8:48 AM

“In contrast, cooperation and creativity to deliver fiscal clarity – in particular, a plan for resolving the nation’s long-term budgetary issues without harming the recovery – could help make the new year a very good one for the American economy.”

LOL! Cooperation and creativity! Patty Murray wants to go over the cliff thinking it will reflect badly on the Republicans and put them in a bad bargaining position. Obama’s cronies don’t want any compromise at all, in fact they want another stimulus bill, and this guy is talking about cooperation and creativity.

Night Owl on November 21, 2012 at 9:00 AM

Yeah for certain stocks and gold/silver. His money growth has jumped from 5 to now 8.2%(M2 money supply) in three months. Most erratic Federal Reserve chair we’ve ever had. Get ready for price inflation again….on top of the last four years.

Coolidge on November 21, 2012 at 9:14 AM

Democrats must know that 2013 is going to bet terrible. So their plan will be to set up the GOP as the scapegoat, no matter what gets passed or not passed. That’s why the GOP plan must be to let the Democrats get whatever they want.

The Rogue Tomato on November 21, 2012 at 9:28 AM

Bernanke sees good 2013 if “fiscal cliff” is avoided

LOL. If the feral government deficit spends by more than 8% of GDP Bernanke is confident that we’ll see “growth” of around 2% of GDP. The feral government is going to borrow and spend over a trillion dollars to claim economic “growth” of 300 billion. GENIUS! And that doesn’t even include the untold hundreds of billions of printed “stimulus” the Fed is pumping in ….

Anyone this stupid has no business running anything, let alone the largest monetary system in the history of the world.

ThePrimordialOrderedPair on November 21, 2012 at 10:22 AM