Interesting Discussion of FIscal Cliff

Myself, I think the whole "Fiscal Cliff" thing is overblown.  After Simpson-Bowles specified a set of tax increases and spending cuts, as a STARTING POINT, rather larger than that that would be imposed if we go off the "cliff." (The intelligent and attractive DW has been saying this for a while, to be fair).  And I am for the most part a fan of Simpson-Bowles, if no one will take the KPC proposal of actually cutting military spending and entitlement spending F'REAL.

But, for those of you interested in the "Cliff" notes for their own sake, here is an interesting analysis by John Cochrane.*  It's not simple, but it is interesting.  There are parts I disagree with, but he raises some terrific points you won't hear in the MSM.

A nod to JR

*Misspelled earlier, corrected