Jumping Off the Fiscal Cliff May Not Be the Worst Thing, After All – WSJ.com
Let’s jump off a fiscal cliff.
This will spark a new recession in 2013, according to a report the nonpartisan Congressional Budget Office released last week.
Taxes will go up for the rich, government spending will go down for the poor, but an epoch of unsustainable trillion-dollar budget deficits may finally begin to wane for us all.
Even an extremely severe recession would be a small price to pay for our national security, threatened as it is by an economic collapse. And do you know what the CBO says will happen to our economy if we don’t jump? Nothing.
Growth will remain anemic and unemployment will stay stuck at more than 8%, the CBO says. Meantime, Congress will become even more dependent upon its undisciplined approach to spending and debt.