With the presidential campaign season coming to an end, the media is desperately looking for something else to endlessly obsess over. Luckily, we'll have to look no further than the so-called “fiscal cliff,” that combination of tax increases and spending cuts set to take effect after the New Year.
The Congressional Budget Office and a wealth of other economics warn that unless Congress can work out a compromise to avoid the cliff, the changes brought about can plunge the economy back into recession. But if no compromise can be reached, will going over the fiscal cliff be as cataclysmic as some might make it sound? Felix Salmon, finance blogger at Reuters, makes his best guess.
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Comments [3]
The media hype about this is absurd. The real disaster is spening the way we are. The economist's assertion that markets care about spending only and not deficits is laughable. We need to stop this keynesian propaganda or we could face an actual problem rather than a media created lie.
The government shutting down can cause problems. Fiscal.
Why are we talking about this? Obama won the first election for health care. He won the second for imigration and equal rights. THE PEOPLE HAVE SPOKEN! Let the pysical cliff happen and don't do anything about jobs. The president did not propose any platform to fix it and the people didn't care. It is obvious due to that was his oponents main objective.
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