So maybe it wasn't surprising that readers of Monday's New York Times saw a full-page in the form of a letter to candidates -- warning of the consequences of averting the fiscal cliff, and signed by such familiar names as LPL Financial, Raymond James, TD Ameritrade, BlackRock and Morningstar, as well as a few state retirement funds.
"Failure to avert this fiscal cliff would likely plunge America back into recession and destroy two million jobs, with unemployment rising to nine percent," cautioned the letter, which was addressed to "candidates for president and Congress" and called for a "bipartisan response."
"As fiduciaries responsible for managing the retirement savings of millions of people ... we feel a deep sense of responsibility to support our country's fiscal health," the ad continued.
In a statement, LPL Financial said that the letter was an outgrowth of its work with the households and communities served by the firm's network of financial advisors. "Failure to avert the billions of dollars in spending cuts and tax increases that are scheduled to take effect next year would have a very tangible and negative impact on the ability of millions of Americans to meet their life goals," LPL's statement said.
The fiscal cliff, as it was labeled by Fed chief Ben Bernanke, refers to the combination of various spending cuts and tax increases that will take effect in the new year. It is largely the result of a partisan stalemate during the debt-ceiling negotiations in August 2011, although it also includes the expiration of temporary tax cuts as well as some tax increases stemming from the Affordable Care Act.
In addition to the firms mentioned above, the 11 signatories included the Florida State Board of Administration, the Illinois Municipal Retirement Fund, the Teacher Retirement System of Texas, Utah Retirement Systems, AK Steel and PPG Industries.
