This post is by Michael Panzner from Financial Armageddon
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Although economists cheered today’s “better- than-expected” ADP
National Employment Report—don’t they always?—continued flat-line job
growth in large companies and goods-producing industries continues to
call into question the notion that the U.S. economy is building a
foundation for future recovery.
In fact, it also raises the issue of whether the looming “fiscal
cliff” won’t have an even more dramatic impact on the U.S. economy than
some have been predicting. While the rich will have to cough up more in
absolute terms than those at the lower end of the economic ladder, the
relative hit to discretionary income will probably hurt small businesses
and low-paid service industry employees the most.