what that really be so bad well you can decide mike maloney of gold silver is here to weigh in and cvo was out with a view of what a plunge would mean as far as a recession and unemployment goes and it's not about what the demographic that wakes up and says this is going to. holy demographic that realizes they have no savings this is according to michael owen he'll tell us all about it let's get to today's capital account. all right let's talk about the fiscal cliff because how can you avoid it the impact from going over it would be a recession in the u.s. economy next year and an increase in the jobless rate to nine point one percent by the end of two thousand and thirteen at seven point nine percent now and a deal to avert this would mean a deficit five hundred three billion dollars higher than it would otherwise have been in fiscal year two thousand and thirteen now this is all according to a new congressional budget office report the c b o is a supposedly nonpartisan research arm for congress keep in mind these are the folks that a few months ago said growth will average four point

economics why not go off of the fiscal cliff is deficit reduction in fact according to folks like the cvo take a look at what he said. we in fact want to reduce the deficit if we want to get it down to where we have a surplus the real issue is how fast do we want to do that and the answer is not very fast got seven kids i don't want to see unemployment rate should have been more among the twenty and thirty somethings it's difficult enough yeah i mean we just have to go slow and steady we can't do it all at once we can't not do it we're going to have to eat our broccoli we're going to have to eat our vegetables but you know let's do it not trying to wolf it down not trying to you know push into this. or feed it to the dog we have to slowly and surely work our way. way back to fiscal sanity all right so there's has taken them bloomberg economists richie and ron had a really interesting anecdote about what he hears from small business owners all over the country because he speaks to chambers of commerce and rotary clubs all over take a listen to what they tell him. out of a five hundred audi

it and we're putting ourself in a situation where everybody is a loser next year if we let these new cvoelines restrict our ability to make responsible decisions for rural america for nutrition and conservation. >> eliot: as you look into 2013, do you think there will be a consensus that will bring essentially the bill that passed your committee this year to the floor of the house for a vote and if it does, reach that vote and passes, is it close enough to what the senate has done to provide some hope there will be a resolution of this? >> well, that's the theory among some of the folks who want to do manana manana. that makes no sense. there's nothing that we'll know next year that we don't know today. this is about whether we're going to man up to use a famous sarah palin analogy. and do our job. if there were something that were going to develop over the next few months and would serve a purpose, there would be some justification. the only purpose it is serving is avoidance responsibility by congress to do its job. we must pass a farm bill. that's the job of congress every five years.