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Fiscal Cliff Is Just a Speed Bump on the Road to a Real Crisis

johnm h Wrote: Dec 04, 2012 9:10 AM
Even the fiscal cliff down the road isn't as serious as the external debt fiscal cliff and the external cliff doesn't threaten as long as the economy is stagnant or gradually declining, but he's right about allowing the expiring taxes and payroll cuts to snap back and the sequester is tiny and not a cliff at all.

I’m very concerned about both the fiscal cliff and its possible replacements. It will be bad news if we get an automatic tax hike on January 1, and it will be bad news if that tax increase is replaced by an even more odious plan concocted by the White House.

But the cliff is not our biggest fiscal problem.

Here’s some of what I wrote for today’s New York Post about the fiscal cliff, along with a warning that we have a much bigger problem down the road.

…it’s a...

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