Wednesday, June 20, 2012

We're Already Over the Fiscal Cliff

There's been a lot of chatter among the chattering classes about our impending fiscal cliff.  What the chatterers don't tell you (well, most of them anyway) is that we're already over the cliff and we're falling fast without a parachute.

The catastrophic drop in aggregate demand resulting from this drop in public-sector employment is killing our recovery.  It's killing it dead.

No comments:

Post a Comment