Serious People Could be Seriously Embarrassed: Why It's Important that We Not Go Off the "Fiscal Cliff"

Much of the media has spent the last month and a half hyping the impact of the "fiscal cliff," the tax increases and spending cuts that are scheduled to take effect at the end of the year. They have been warning of a recession and other dire consequences if a deal is not struck by December 31st. As we are now getting down to the final two weeks and the prospect that there will not be a deal becomes more likely, many in the media are getting more frantic.

What they fear is yet another huge emb...