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Norm Ornstein on dysfunction over budget and "perfect storm" brewing

hank
edited March 2012 in Off-Topic
Norman Ornstein of the American Enterprise Institute interviewed by Judy Woodruff (PBS) - OT, but may shed light on recent discussions about health and direction of markets.

Excerpt: "(At) the end of December, after the election, but before a president is inaugurated, we have a perfect storm. We have all the Bush tax cuts expiring, the deal that we reached on the payroll tax cut and the doc fix expiring. We have these sequesters taking effect and possibly another debt limit vote. All hell could break loose in December, and maybe that results in a jar and people do something, or maybe it gets even worse than you -- than it looks."

http://www.pbs.org/newshour/bb/politics/jan-june12/congress_03-20.html



Comments

  • Old_JoeOld_Joe
    Yes, Ornstein is pretty reasonable and impartial in his analysis. Worth a read.
  • Ian
    The set of default actions dictated by previous legislation has been termed a fiscal cliff by some analysts. I must say that I view it as a piece of good luck. If nothing is done, there will be a cut in spending and a tax increase. This will indeed depress economic activity, but it will bring our fiscal house back in order, and there really is no alternative. The US economy will take fiscal measures in stride and eventually come back, and the government will get its finances in order, though not without an episode of high drama.
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