Krugman: 'Fiscal Cliff' a political crisis, not a debt crisis | Arkansas Blog

Friday, December 14, 2012

Krugman: 'Fiscal Cliff' a political crisis, not a debt crisis

Posted By on Fri, Dec 14, 2012 at 7:09 AM

Here's Paul Krugman in yesterday's New York Times, dropping some truth bombs about the realities of "The Fiscal Cliff":

"I keep seeing articles about the 'fiscal cliff' that do, in fact, describe it — often in the headline — as a debt crisis. But it isn’t... No, what we’re having is a political crisis, born of the fact that one of our two great political parties has reached the end of a 30-year road. The modern Republican Party’s grand, radical agenda lies in ruins — but the party doesn’t know how to deal with that failure, and it retains enough power to do immense damage as it strikes out in frustration."

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