Consumer Confidence, Fiscal Cliffs, and Going Off the Deep End

Folks in Washington like to think that their silly dramas have much more impact on the world than they in fact do. The battle over extending the debt ceiling last year is a case in point, with its sequel, the 2013 Fiscal Cliff, providing another example.

Ezra Klein traced a slowdown in the economy last year to the uncertainty resulting from the battle over the debt ceiling. He tells readers:

"Early in the year, the recovery seemed to be proceeding smoothly. In February, the economy added 220,...