Forget Washington: Here's how we'd fix the economy, by CNN FortuneQuicklink submitted by Ethan Hollow Permalink
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|You may have heard such generalities before, but consider this specific: The CEO of a Fortune 50 industrial firm with operations in 180 countries told one of us recently that the prospect of the year-end 'fiscal cliff' of tax increases and federal spending cuts means that 'we're already holding back on things we'd otherwise be doing. I could show you a list.' He doesn't want to be identified, for obvious reasons. But his list represents economic growth that isn't happening because Washington's leaders prefer playing inside-the-Beltway chicken to dealing with a potential economy-crushing problem less than five months away. So the U.S. hobbles on, its GDP growth having slowed from a feeble 2% annual rate in the first quarter to 1.5% in the second.|
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