{"id":12893,"date":"2012-11-13T21:48:46","date_gmt":"2012-11-14T02:48:46","guid":{"rendered":"http:\/\/ssgreenberg.name\/PoliticsBlog\/?p=12893"},"modified":"2012-11-13T21:49:15","modified_gmt":"2012-11-14T02:49:15","slug":"whats-going-on-with-the-fiscal-bump-in-the-road","status":"publish","type":"post","link":"https:\/\/ssgreenberg.name\/PoliticsBlog\/2012\/11\/13\/whats-going-on-with-the-fiscal-bump-in-the-road\/","title":{"rendered":"What&#8217;s Going On With The Fiscal Bump In The Road?"},"content":{"rendered":"<p>The <em>Mother Jones<\/em> article <a title=\"Mother Jones Story\" href=\"http:\/\/ww.motherjones.com\/politics\/2012\/11\/whats-happening-fiscal-cliff-explained\" target=\"_blank\"><strong>What&#8217;s Going on With the Fiscal Cliff?<\/strong><\/a> goes with the sub-head:<\/p>\n<blockquote><p>Why we&#8217;re not really going to fall off a cliff on January 1 and everything else you need to know about the upcoming budget talks.<\/p><\/blockquote>\n<p>That is why I think my headline is more appropriate.\u00a0 Kevin Drum goes on to explain:<\/p>\n<blockquote><p><strong>So when you add it all up, what&#8217;s the price tag for this stuff?<\/strong><\/p>\n<p>That&#8217;s where things get a little tricky. The whole fiscal-cliff metaphor is specifically designed to sound super scary, but it&#8217;s really kind of misleading. Here are two different ways of looking at it:<\/p>\n<ul>\n<li><strong>The fiscal-cliff way:<\/strong> On January 1, about $400 billion in tax increases and $200 billion in spending cuts will take effect. That&#8217;s $600 billion, or 4 percent of GDP, and that would be a huge drag on the economy.<\/li>\n<li><strong>The fiscal-staircase way:<\/strong> On January 1, total spending cuts and tax increases of about $1.6 billion will take effect. On January 2, another $1.6 billion. On January 3, another $1.6 billion. Etc.<\/li>\n<\/ul>\n<p>You see? We&#8217;re not really going to fall off a cliff on January 1. The cumulative effect of all this stuff will be pretty small for the first few weeks. It&#8217;s only if it drags on forever that we really feel the hit.<\/p><\/blockquote>\n<p>The article goes into a lot more detail in a fairly humorous way.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Mother Jones article What&#8217;s Going on With the Fiscal Cliff? goes with the sub-head: Why we&#8217;re not really going to fall off a cliff on January 1 and everything else you need to know about the upcoming budget talks. That is why I think my headline is more appropriate.\u00a0 Kevin Drum goes on to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[166],"tags":[],"class_list":["post-12893","post","type-post","status-publish","format-standard","category-stevegsposts","czr-hentry"],"_links":{"self":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/12893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/comments?post=12893"}],"version-history":[{"count":2,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/12893\/revisions"}],"predecessor-version":[{"id":12895,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/12893\/revisions\/12895"}],"wp:attachment":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/media?parent=12893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/categories?post=12893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/tags?post=12893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}