All the business people I knew were pulling back because they didn't know how the fiscal cliff would impact their business. Business decisions were made to cut back and reduce risk pending the fiscal cliff.
The fundamental issues impacting our economy have not been addressed. The can has been kicked down the road for another two months, which spells doom and further disaster.
Percentage-wise, that is substantial. That is over a 9 percent increase in income taxes at the top end. ObamaCare is beginning to kick in, which means insurance rates are going to increase significantly.
Our economic crisis will only worsen no matter how much the ill-informed media and economist try to convince you otherwise.
At the same time that taxes are increasing, certain aspects of the government budget are decreasing. Reverting back to economics 101, the big sucking sound you're hearing is the big deficit consuming more and more of the overall economy.
We're taking money out of the economy in increased taxes, and we're in the process of cutting government spending. Go figure ...