| "Let's get one thing straight: America is not facing a fiscal crisis. It is, however, still very much experiencing a job crisisIt's easy to get confused about the fiscal thing, since everyone's talking about the 'fiscal cliff.' Indeed, one recent poll suggests that a large plurality of the public believes that the budget deficit will go up if we go off that cliff... it's just the opposite: The danger is that the deficit will come down too much, too fast. The reasons that might happen are purely political; we may be about to slash spending and raise taxes not because markets demand it, but because Republicans have been using blackmail as a bargaining strategy, and the president seems ready to call their bluff."... "the worst that could happen would be a fall in the dollar, which wouldn't be a terrible thing and might actually help the economy." |
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At www.nytimes.com
At www.nytimes.com
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