No sooner were the debates and election over than I suddenly found myself transported to a strange, pale world – one that hearkened back to the distant past of 2011 – when the US credit rating was downgraded. The mainstream media was telling us that we’re about to go over a fiscal cliff – stopping only long enough to salivate over Gen Petraeus (Chuck), Holly Petraeus (The Good Wife) and Paula Broadwell (The Bitch in Apartment 23). I know almost zip about economics, so I read several econbloggers and move my lips. No one at The Baseline Scenario took the bait, but at Calculated Risk, Bill McBride plays Spock and asserts that the cliff is in the ulterior:
As I’ve noted before, there is no “cliff” and January 1st is not a drop dead date. Note: In the comments, Jackdawracy suggests “Fiscal Hillock” and energyecon suggests “fiscal bluff”.
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