Topics

Congressional Budget Office

The Phony Fallacy of the 'Fiscal Cliff'

The Phony Fallacy of the 'Fiscal Cliff'

With this “fiscal cliff” garbage, it’s nice to finally have a crisis that’s mostly a shitty joke, that we don’t actually have to worry about. First, a word about the whole “bankrupting America,” budget hawk crowd: they are full of shit. As Investors Business Daily points out, the deficit is actually declining at the fastest rate since the demobilization following World War II. This is because much of the deficit was caused by the financial crisis of 2008 and the hangover of the Great Recession when tax revenues fell and social safety net programs necessarily had to catch more people, as well as the highly successful Recovery Act. Now that both are,...

Loading
83°