One financial expert says people are senselessly ignoring the
warnings about the fiscal cliff agreement stalling the economy.
Family Radio's Dan Celia cites one warning from NYU professor
and economist Nouriel Roubini, who thinks the expiration of
the payroll tax cut, among other things, means a drag on the
economy is now 1.2 percent more likely.
Even so, Celia does not think people care.
"We've watched Japan do this for 12 years. That's the problem --
nobody really cares about the economy stalling," he submits.
"The worst-case scenario [to most people] is the economy stalls
and we have more people on unemployment benefits and more people
collecting government assistance of some sort in order to
When it comes to gross domestic product (GDP), the expert
recognizes that some people think anything above a negative number
is a good thing.
"It's never going to be a good thing," Celia asserts. "It's
never going to lead to might, strength and prosperity in America
like we have experienced over the last 50 years."
The radio host goes on to warn that the stalled economy will
eventually catch up with companies, and the companies that have
been doing well through all of their cutbacks will not be able to
cut back anymore.
Celia heads up Financial Issues Stewardship Ministries.