Sunday, November 11, 2012

The Fiscal Bump

I wish we'd stop giving away the narrative to Republicans by accepting their heavily-biased "cliff" metaphor. A grand bargain passed on January 2 would be no different than the same grand bargain passed on December 31, so it's more of a bump or a shallow ramp than a cliff; the negative effects would be cumulative rather than all at once. And a post-January-1 agreement could be made retroactive to January 1, thereby eliminating the negative effects entirely.

The only meaningful impact of waiting until after January 1 would be that Republicans would no longer have this weapon to hold the economy hostage with; they'd have to negotiate in good faith at that point.


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