The Fiscal What? How About The Deficit Deception?

Chris Hayes of the Nation and MSNBC takes us on a little tour of the facts regarding the so-called Fiscal Cliff.  For the deficit hawks, going over the fiscal cliff is just what they should want:  Bang!  Deficit reduced in a matter of months.  Of course, as it has been pointed out the deficit hawks are really more like pigeons.  They want to get as much grain for themselves and their biggest backers and will coo anything to get there.

The real problem is that not fixing the problem throws us into an Austerity Trap which Paul Krugman and others have been inveighing against for several years — with Ireland and Greece and Spain as prime examples.  Demanding austerity in the middle of a hard down-swing will only increase the velocity of fall; it will not — as the hawks claim– reverse the fall into a climb.

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