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Home Publications Blogs Beat the Press The Fiscal Cliff Won't Live Up to the Hype

The Fiscal Cliff Won't Live Up to the Hype

Tuesday, 25 September 2012 05:26

That's what Brad Plumer tells us. As we like to say here at BTP, if everyone in Washington agrees, it's got to be wrong.

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happy days are here again
written by mel in oregon, September 25, 2012 3:09
maybe not. just because the stock market has improved so much since obama took over doesn't mean much. it's all a result of quantative easing, loans to wallstreet at almost zero interest & other fed shenanigans. as you pointed out in one of your blogs yesterday, new entrepreneurs fail at a very high rate, proving that tax breaks for startups often are a huge waste of money. so what really creates jobs? simple, people with lots of money to spend. ordinary, working & lower middle class people, because they spend, they won't or can't save. now how do you get to this wonderful situation whereby everyone's working & businesses are hiring because business is so good? you don't. there has just been too much taken away from ordinary americans in long periods of unemployment, foreclosed homes, homes underwater, massive credit card, student loan, car loans that just can't be fixed anymore. you'd have to nationalize just about every major industry in america to change anything. so all the hoopla about the grand bargain & the fiscal cliff is just much ado about a relatively small factor in the problem. china will be the big winner in the coming decades with their russian, japanese & indian alliances, all resulting from our short-sighted stupidity.

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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.