And then there’s the matter of the "fiscal cliff."
Contrary to the way it's often portrayed, the looming prospect of spending cuts and tax increases isn't a fiscal crisis. It is, instead, a political crisis brought on by the G.O.P.'s attempt to take the economy hostage. And just to be clear, the danger for next year is not that the deficit will be too large but that it will be too small, and hence plunge America back into recession.
Deficit scolds are having a hard time with this issue. How can they warn us not to go over the fiscal cliff without seeming to contradict their own rhetoric about the evils of deficits?
- Paul Krugman, who probably has better things to do than repeat himself. But some people just will not listen to reason.
Should be an interesting couple of months.