Over at Think Christian I take a look at the looming fiscal “cliff,” which we are being told from every conceivable quarter represents a significant danger to America’s fragile economic recovery:
But apart from the numbers themselves, the framing of the issue by politicians and pundits ought to give us pause. The idea that returning deficit spending to 2008 levels represents a “cliff” is not just political hyperbole. It reveals something deeply broken about not only our political system, but even more of our cultural expectations. As long as we continue to expect politicians to deliver programs and policies that are not sustainable, they will continue to promise them, and what is perhaps even worse, they will continue to try to make good on them, no matter the cost to current and future generations.
Yes, we all have the fiscal cliff on the brain. Wall Street is anxious. CEOs and labor leaders have headed to Washington to try and convince President Obama that the consequences of falling over the fiscal cliff would be dire. But is the fiscal cliff panic just a wee bit overdone?
La Monica’s answer isn’t an unqualified “yes,” but his piece does give some insights as to some of the political reasons for exaggerating the potential impact of sequestration.