Although economists cheered today’s “better- than-expected” ADP National Employment Report—don’t they always?—continued flat-line job growth in large companies and goods-producing industries continues to call into question the notion that the U.S. economy is building a foundation for future recovery.

In fact, it also raises the issue of whether the looming “fiscal cliff” won’t have an even more dramatic impact on the U.S. economy than some have been predicting. While the rich will have to cough up more in absolute terms than those at the lower end of the economic ladder, the relative hit to discretionary income will probably hurt small businesses and low-paid service industry employees the most.