NAIFA has stongly urged Congress to address tax and spending issues by the end of this year that many analysts have warned could push the U.S. economy over a "fiscal cliff" in 2013.
Numerous media stories appeared this week following the release of Congressional Budget Office projections that the impact of inaction could be even worse than many people have expected.
- Reuters: "CBO sees worse economic wreckage from 'fiscal cliff'"
- The Wall Street Journal: "'Fiscal Cliff' Has Many Perils"
- The Washington Post: "Recession imminent if ‘fiscal cliff’ of tax hikes, budget cuts not averted, CBO says"
- Investor's Business Daily: "CBO Sees Bigger Fiscal Cliff"
NAIFA President Robert Miller this week renewed NAIFA's push to spur congressional action and sent the following letter to all NAIFA members asking them to become involved and use their influence as voters, taxpayers, employers and members of one of the most prestigious grassroots organizations in the insurance industry:
You’ve probably seen the fresh forecasts from the Congressional Budget Office that tax increases and spending cuts would push us off a “fiscal cliff,” sending the U.S. economy into a recession and driving the unemployment rate up to 9 percent by the end of 2013. You should rest assured that NAIFA recognizes the intensity of this threat and the challenges that misguided solutions could pose to our industry. In addition to the professional lobbying here in Washington, NAIFA’s strategy includes ongoing grassroots efforts by our members.
Specifically, members are encouraged to:
- Meet with their lawmakers during August
- Attend the Legislative Forum during NAIFA’s Annual Meeting and Career Conference Sept. 8-11, 2012
- Encourage a colleague to join NAIFA.
The combination of the fiscal cliff and comprehensive tax reform in 2013 requires all in our industry to be active participants.
I look forwarding to seeing you in Vegas.