Economist Stephen Guilfoyle Weighs In On The Eurozone Recession And Looming Fiscal Cliff

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The Eurozone slipped back into recession, the second since the financial crisis in 2009.Concerns over whether the Greek government can avoid a default and if Spain can ask for a formal bailout, as well as the U.S fiscal cliff has hit business and investor confidence. U.S. stocks fell more than 1 percent on Wednesday after President Obama reiterated his call for the wealthy to pay higher taxes. Both republicans and democrats want to keep low income tax rates for middle-income and low-income households, but Democrats say the wealthiest 2 percent should pay the higher tax rates that were in place during the 1990s. Speaker of the House John Boehner said that week that allowing taxes on the top 2 percent of earners to rise will end up destroying jobs.