Bill McBride at Calculated Risk packs more Fiscal Cliff knowledge into one paragraph than almost every other Fiscal Cliff explainer we’ve seen.A few obvious points on the “fiscal cliff”: 1) It is about the deficit shrinking too quickly next year, 2) there is no “drop dead” date and an agreement in early January still seems likely (the sites and TV stations with countdown times are embarrassing themselves), and 3) entitlements are not part of the “cliff” (although it was possible some changes might be part of an agreement).
If everyone grasped those three things, there would be much less confusion and a better public debate.
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