Fiscal Cliff Solutions Miss the Mark
Posted at 2:15 p.m. on Dec. 4, 2012
Steven Rattner joins the chorus of economists urging lawmakers not to lose focus on the bigger picture as they work to avoid the “fiscal cliff.”
“Battered by four years of trillion-dollar-plus deficits, this ‘debt-to-G.D.P.’ ratio has climbed from 36 percent in 2007 to 73 percent at present. Halting its rise would require at least $4 trillion of revenue increases and spending reductions…over the next decade.”
“Both sides appear more interested in reaching an understanding that avoids the cliff than in achieving the full range of necessary reforms.”
