Relevant and even prescient commentary on news, politics and the economy.

House approves bill

Via NBC news Updated at 6:58 a.m. ET: An agreement to stave off the harshest and most immediate consequences of the fiscal cliff won approval in the House late Tuesday. President Barack Obama said he would sign the law, the battle over which foreshadowed more fights with Congress over spending.

Who foots the "grand deal (no capitalization on purpose)" costs.

by run75411 Who foots the “grand deal (no capitalization on purpose)” costs. Everything You Need to Know about the Fiscal Cliff Deal “Wonkblog” Zachary Goldfarb This was the model to describe what would happen if the Grand Deal increase in taxes fell upon those Household Taxpayers making greater than $200,000 (individual) and $250,000 (family) (Tax […]

Social Security and the current fad of being balanced and comprehensive

Salon writer  Natasha Lennard reports that a sticking point around Social Security stalled ‘fiscal cliff’ back and forth rejoinders between the two parties, but also points out that the topic continues to be on the table (and has been offered by President Obama before these talks a couple years ago).   Notice both parties using the […]

The Republican Congressional Delegation’s Oddly Faulty Memory of 2004 — UPDATED

House Republicans argue that voters handed their members a mandate as well, granting the party control of the House for another two years and with it the right to stick to their own views, even when they clash strongly with the president’s. And many Republicans remember well when the tables were turned. After Mr. Bush’s […]

Bruce Bartlett and Yves Smith on Overhyping the Fiscal Cliff

This video featuring Bruce Bartlett and Yves Smith on Overhyping the Fiscal Cliff is worth watching. Independent political and economic analysts Bruce Bartlett and Yves Smith join Bill in a discussion that’s become as rare as it is necessary — why are Washington insiders talking about the deficit crisis and not the jobs crisis? Bartlett, […]

David Warsh on Warren Buffet’s NYT op ed

David Warsh, a journalistist covering economics issues, takes a look at Warren Buffet’s op ed at Economic Principals. The fiscal cliff negotiation is no better than a skirmish in what promises to be an epic ten-year struggle to achieve a new fiscal compact. For evidence of that, consider Warren Buffett’s entry into the debate last […]

Republican "fiscal cliff" proposal

by Linda Beale Republican “fiscal cliff” proposal House republican leaders have sent a letter to President Obama with their “fiscal cliff” proposal, which the Republicans cast as a “fair middle ground” and a “balanced framework for averting the fiscal cliff.”  Id.  Republicans object that the administrative proposal has is unbalanced, because it has “four times […]

There are no "per se" tax or spending caps: lame duck negotiations no place for Medicare/Medicaid cuts

 by Linda Beale There are no “per se” tax or spending caps: lame duck negotiations no place for Medicare/Medicaid cuts When George W. Bush got reelected with a minority of the popular vote and contested state counts, the GOP claimed a mandate to keep going with the fiscally irresponsible program of high military spending combined […]

The Media’s Role in Driving the "Fiscal Cliff" Imagery

by Linda Beale The Media’s Role in Driving the “Fiscal Cliff” Imagery The mainstream media has been fed a steady diet of releases from interested parties (like right-leaning propaganda tanks) about the need to adopt austerity measures, often cast as needing to save the country from out-of-control spending and unprecedented deficits and debt. At the […]