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But what if the question is not whether the effect of the fiscal cliff is looming over us.
Taking that into consideration, the effect of the fiscal cliff deal is likely to be smaller than a 30percentt reduction.
In fact it is worth spelling out, in these deficit obsessed times, that the monetary stimulus in the UK was 20 times the size of the fiscal stimulus; and that the overall effect of the fiscal tightening cannot be known unless you also know whether the central bank relaxes monetary policy to compensate for it.
By letting taxpayers keep about $10 billion per pay period, that would single-handedly curb about half of the economic effect of the fiscal cliff and help the country avoid a recession.
Similar(56)
There was the effect of the 1960s.
The effect of the Thanksgiving holiday on weight gain.
The one happy effect of the 1972 championship match was the interest it excited in chess.
The full effect of the Easter programme has been most evident in the bizarre results since.
Even deeper perhaps, there was the effect of the October 1962 Cuban missile crisis.
The instant political effect of the 2007 budget was indisputably positive.
Each team has a different model for the effect of the summer travel season.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com