The Case for Jumping Off the Fiscal Cliff (Even if We Fall Into Recession)

Are we wrong to fear the fiscal cliff?
The Congressional Budget Office promises short-term pain if the country hurtles over the fiscal cliff -- a term for an automatic set of tax increases and spending cuts that will take effect at the end of the year as a result of last year's budget standoff. But pundits and policymakers are ignoring the fact that it also promises a strong medium-term recovery, writes James Kwak. That suggests that doing nothing might be better than trying to bolt together a hasty compromise, Kwak argues. "There is an answer to our deficit problems staring us in the face. The real question is why both parties are trying so hard not to see it," he writes. TheAtlantic.comhttp://www.theatlantic.com/business/archive/2012/08/the-case-for-jumping-off-the-fiscal-cliff-even-if-we-fall-into-recession/261555/