The "fiscal cliff" will knock 1% off GDP growth in 2013, says JPMorgan, up from a previous...

|By:, SA News Editor

The "fiscal cliff" will knock 1% off GDP growth in 2013, says JPMorgan, up from a previous estimate of just a 0.5% hit. The team believes the 2% payroll tax reduction Americans have enjoyed the past 2 years is a goner, and will reduce household disposable income by $125B in 2013.