Back in August, I wrote a piece called “Fiscal Cliff Madness” about the set of consequences produced by the law enacted by the government that will severely reduce spending and raise taxes. Today, new research has surfaced from the non-partisan Congressional Budget Office (CBO) that gives us a clearer idea of just what exactly the fiscal cliff might do to the United States’ economy if it comes to pass. The new information is even more dire than the information we had in August, and so the “madness” has now been upgraded to “insanity”.
Tag: Recession
Fiscal Cliff Madness
Sneaking up on the US government, slowly but surely, is the fiscal cliff–the agreement congress made to cut spending across the board in many sensitive areas if a bipartisan deficit reduction plan could not be agreed to. This was a bad idea from the outset, but you wouldn’t know it from listening to the Democratic Party, and that’s both a problem, and the topic of today’s post.
Benjamin Studebaker 