Bronner warns of recession if fiscal cliff deal isn't reached - WSFA.com Montgomery Alabama news.

Bronner warns of recession if fiscal cliff deal isn't reached

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MONTGOMERY, AL (WSFA) -

Count Dr. David Bronner, the head of the Retirement Systems of Alabama, among the financial experts who believe a lack of agreement over the fiscal cliff could have dire consequences for the economy.

"I have never seen in my lifetime Democrats and Republicans be so ridiculous,' Dr. Bronner said.  "I don't what they're smoking, but it must be pretty good stuff because they can't make up their mind one way or the other, except the other guy's an idiot and I won't listen to him at all."

Bronner told the audience at the Beasley Allen Legal Conference and Expo that if leaders can't agree, the nation would be back in a recession within a month or two.  He said delaying a solution won't help matters either.

 "I disagree with those who say if they don't get it done, maybe they'll fix it in February or March, and do it retroactive," he said.  "There is a problem with that.  What that means is you destroy the consumer right now." 

The Tax Foundation found an Alabama family earning $63,000 a year would see their federal taxes go up by more than 5% - or by $3350 a year.  It ranks Alabama 12th in the nation as far as the impact of the taxes on families.  Alabama also relies heavily on federal spending on entitlement programs and defense. 

Despite his warnings, Bronner is actually optimistic about leaders reaching an agreement before Christmas.  The debate will continue to fierce until then.

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