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.
- 6 energy saving hacks for your home
- 5 tips for choosing a company to end your timeshare
- Water tips to save money, help save the Earth
- 5 of the most adored gentlemen in professional sports today
- The real danger of sitting at your desk
- Most surprising NBA playoff performances of the last 40 years
- 11 classic baseball movies you must see again
- Finally getting rid of fat: 3 methods that actually work
- 4 reasons cancer survivors should focus on food
- 5 spring cleaning spots everyone forgets
- 5 reasons to look forward to watching the D-backs this season
- Common virus attributed to spike in head and neck cancers
- 5 signs it’s time to end your timeshare ownership
- 3 most overlooked ways to keep your home healthy
- 6 ways the air in your home could be making you sick
- CrossFit dangers: 5 common injuries and how to deal with them
- Today's radiation treatments offer better success, fewer side effects
- Tips to make watching TV on the patio even better
- What really happens when you donate to a community college?
- Sun and skin cancer: Separating fact from fiction
- 5 critical lifestyle changes for a healthy colon
- What you need to know about Alzheimer's disease in Arizona
- Spring clean your windows like a pro with these 8 tips
- 7 films that should have won best-picture Oscars
- New plumbing technology saves money and improves your home
- Survey shows Arizona CFOs optimistic about 2016
- How chronic pain can affect your love life
- 5 potential warning signs about your child's development