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.