Fiscal cliff deal is a positive for Canada: Queen's University expert
Queen’s University American political studies teaching fellow Dru Lauzon is available to comment on President Barack Obama and his Republican colleagues avoiding the fiscal cliff and the impact of the deal on Canada.
“From a Canadian perspective, the deal can be seen as positive, since any agreement that prevents an immediate fiscal crisis is beneficial to Canadian industries dependent on continued U.S. demand,” says Mr. Lauzon. “Still, given that the debate in the U.S. is likely to continue over the next few months, we're likely to see continued uncertainty south of the border in 2013, with a corresponding impact on Canada's economy.”
“While the deal to avoid the fiscal cliff may have provided a temporary respite, it does little to address the underlying economic challenges facing the United States. The deal, which raises tax rates on households earning over $450,000 a year, is insufficient to resolve the larger budgetary crisis facing America, particularly since it fails to address the cost of entitlement programs such as Medicare, Medicaid and social security.
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