CNN news 2012-09-16 加文本

cnn news 2012-09-16

AZUZ: The effects of that recession, obviously, still being felt today, and there are fears about the possibility of another recession if America goes off this thing called a fiscal cliff. And that refers to some tax increases and government spending cuts, that are scheduled to happen at the end of this year, unless Congress agrees on how to stop it. Recessions are usually followed by periods of recovery. This time, that recovery has been weak. Maggie Lake explores this mystery.

MAGGIE LAKE, cnn CORRESPONDENT: In this off-Broadway production, the race is on to find the cold-blooded killer of W. Harrison Brant (ph) who lives in Connecticut in his wife. In real life, another mystery has been unfolding for months, the case of who or what killed the U.S. economic recovery. Just like in this show, there is no shortage of suspects for what`s slowing economic growth. Suspect number one, Europe.

OBAMA: The biggest headwind the American economy is facing right now is uncertainty about Europe.

LAKE: American firms have seen European sales plummet amid fears that a Greek default could spark another global banking crisis.

Suspect number two, congressional gridlock.

JACK LEW, WHITE HOUSE CHIEF OF STAFF: If Congress had passed the proposals the president submitted, there`d be a million more jobs today.

LAKE: New stimulus that Democrats say could have created jobs, has been shut down amid Beltway bickering.

SEN. JOHN MCCAIN, (R ), ARIZONA: They believe that government creates and spending creates jobs, we believe business and growth creates jobs.

LAKE: Suspect number three, runaway national debt.

REP. JOHN BOEHNER, (R ),HOUSE SPEAKER: This $16 trillion with a debt, serves like a wet blanket over our economy, scaring employees of all size.

LAKE: Fiscal uncertainty is a key reason why companies aren`t hiring. And the fiscal cliff of automatic spending cuts and tax increases that could hit next year is terrifying firms. And suspect number four, energy prices.

PROFESSOR MICHAEL GREENBERGER, UNIVERSITY OF MARYLAND: The ever accelerating gasoline prices. This will break the back of the recovery.

LAKE: High gas and heating bills act like a direct tax on consumers, taking away money that would otherwise be spent at restaurants and stores.

But one thing is certain, U.S. growth has fallen from over four percent last year to under two percent today. Amid one of the weakest post-war recoveries on record.