Happy Fiscal Cliff New Year

Happy New Year. It’s a bit early to pat ourselves on the back for the midnight Senate compromise bill. We have yet to reckon with the real hurdle, Boehner’s House.

The American people are deeply divided along party lines on fiscal priorities. No president is going to “negotiate” these differences away. Like the market collapse after the 2008 meltdown, no one knows how seriously the world economy would have been impacted if the US had simply defaulted to the recession option.  It is arrogant to say that Obama “caved,” because it’s arrogant to elevate the “winning” mantra over fiscal responsibility.

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