Canadians worry about the US fiscal cliff
Posted Dec 12, 2012 06:27:47 PM.
This article is more than 5 years old.
While Democrats and Republicans wrangle over how to navigate the United States fiscal cliff, a new study is finding many Canadians worry failure to act could affect Canada’s economy.
Sadiq Adatia, Chief Investment Officer for Sun Life Global Investments said the Sun Life/Ipsos Reid study polled almost 1,300 Canadians.
“We asked them a few questions, and one of them was what do you think of the fiscal cliff, and how worried are you. Generally, about 63 per cent are worried about what is going on there.”
Adatia said of Ontarian’s polled, 70 per cent are worried about the fiscal cliff, with 15 per cent of those, “Very worried.”
Adatia doesn’t think the looming fiscal cliff will affect the holiday shopping season, but if there isn’t a resolution early in the new year, there will be an impact on the retail market. “If the fiscal cliff gets resolved, I think you will see a nice rebound in the economy.”
Adatia speculates, in typical US fashion politicians will, “Wait until the last minute to get most of this thing resolved,” ahead of addressing automatic spending cuts and tax hikes that kick in in early 2013. However, Adatia thinks there will be a “small portion,” of the fiscal cliff remaining to be navigated into 2013.
