Business spending on new plants and equipment, which led the rebound from the recent recession, has slowed significantly amid fears Congress will be unable to avoid a year-end fiscal disaster.
US business spending fell last quarter for the first time in more than a year, an indicator that businesses are increasingly worried about the future and a harbinger of additional pullbacks in investment and hiring should the outlook continue to darken. On Monday, the survey of business confidence by the Associated Industries of Massachusetts found local businesses’ outlook on the national economy last month plunged to the same levels as during the recession.
Comments
It is interesting that someone whose business depends on defense spending is worried about paying higher taxes. Does he expect someone else to continue paying and finding his business?
The boom that business experienced was funded by debt. The people (including those corporations who consider themselves people) who benefitted now need to pay the piper. Some of those people built BIG careers with BIG salaries over the last 15 years. Time to get real.
We see profit taking in the stock market as people worry about having to actually pay tax on capital gains. We know the unemployment rate will rise as we face the cuts that are needed. We are in this together or the Occupy movement will look like a child's birthday party by comparison to the unrest we will see.
"Now is the time for all good men to come to the aid it their country."
People voted for Pres. Obama an his policies of higher taxes on millionaires and billionaires known as those that make $250 thousand per year....why should people bust their butt and have 50% taken in taxes...their businesses are not the 40 hr work week, maybe an 80hr work week......others sit around with hands out (not truly needed) and they are tired of being taken.....retire now and enjoy what many years of hard work has produced.....I look at my small business daughter that sometimes works 12 straight days for events @ 12 hr days...and you have Pres. Obama and Elizabeth Warren telling her she didn't earn it and must pay more taxes.....this is no longer the land of opportunity for hard workers, but the gimme nation of Greece & Spain and the rest of Europe except Germany.
"Congress"? Surely you mean Obama - Place the blame where it belongs?
The media report "unemployment numbers up," and the stock market has plunged for the 2nd day.
But a smirking President & a smirking Axlerod . . . while 50% of the U.S. population cringes.
Keepdreaming that you have broad based support. It will make 2014 much easier.
If legislation is not passed in time the public will place the blame on the US House of Representatives. All fiscal bills must originate from the house.