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Home Publications Blogs Beat the Press NYT Pushes Mayan End of the World Story on Fiscal Cliff

NYT Pushes Mayan End of the World Story on Fiscal Cliff

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Thursday, 27 December 2012 05:48

Perhaps we should be glad that the NYT gives their regular editors vacations over the holidays, but there still should have been someone to stop or qualify these lines:

"For months, President Obama, members of Congress of both parties and top economists have warned that the nation’s fragile economy could be swept back into recession if the two parties did not come to a post-election compromise on January’s combination of tax increases and across-the-board spending cuts.

"Yet with days left before the fiscal punch lands, both sides are exhibiting little sense of urgency, and new public statements Wednesday appeared to be designed more to ensure the other side is blamed rather than to foster progress toward a deal."

Nope, there are no economists who have warned that we have a serious risk of recession if there is no deal by January 1, 2013. The risk of recession comes if we go several months into 2013 without a deal. Those are very different scenarios, someone at the NYT must be able to understand this fact.

Comments (2)Add Comment
The Perfect Story -- with legs
written by Not So Fast, December 27, 2012 8:46
The fiscal cliff story is the perfect story. Controversy, fear based and virtually fact free, politico celebrity focused and a never ending saga of he say and she say vignettes.
Not what economists have said
written by John Q, December 27, 2012 10:57
[economists have warned that the nation’s fragile economy could be swept back into recession if the two parties did not come to a post-election compromise]

Economists have warned that the rise in taxes on the less well off, the ending of unemployment income, and the spending cuts mandated by the "sequester" would probably result in recession. They haven't said anything about compromise.

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.

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