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Updated Dec 21, 2012 - 12:05 pm

Scottsdale economist blames pride for 'cliff' impasse

PHOENIX -- A Valley economist said Friday political arrogance is jeopardizing the nation's economy.

Arizonans will be shelling out much more in taxes and the state could lose 50,000 jobs if Congress can't get its act together on a budget by Jan. 1.

That's just the beginning, according to economist Jim Rounds with Elliott D. Pollack and Company in Scottsdale.

"They need to get something done," he said. "If Congress can't reach a deal before Christmas then right after Christmas they need to get their butts back in Washington DC and get it done."

Rounds said there's no excuse for Congress and the president being unable to reach a compromise. Rounds said a deal could be hammered out in about two hours and the two sides are not that far apart.

"Set the income level for increased taxes at $500,000. Do the cuts and phase them in over five years -- you're done. No recession next year and the economy is in better shape for it. The economics and common sense should be simple at this point."

Rounds said he believes a deal will be in place by the deadline to keep the country going off the cliff.

"But you get these idiots together and they're doing it for a standoff with no real reason," he said.

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About the Author


Position: Senior News Reporter. Started with KTAR July 4, 1999.

Favorite spots in Arizona: Pinetop-Lakeside, Alpine, Greer.

Have covered some of the biggest stories in Arizona including nine of the top 10 largest wildfires in state history. The Wallow Fire in 2011 became the largest fire in state history. Rodeo-Chediski Fire in June 2002, which is the second largest fire in Arizona. Covered the Yarnell Hill Tragedy in June 2013 that left 19 Granite Mountain Hotshots dead.

Favorite movies: True Grit, both 1969 John Wayne classic and the remake with Jeff Bridges and Lonesome Dove.

Sports Teams: Washington State University Cougars, Texas Longhorns, The University of Montana Grizzlies.

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