November 9

Power and Influence

Friday’s Big Idea

Today's Big Idea: The Fiscal Cliff

Whoever invented the term "fiscal cliff" should start collecting royalty checks, suggested David Rubenstein at this year's Nantucket Project, a festival of ideas on Nantucket, Massachusetts. After all, the fiscal cliff is all anyone seems to be talking about.

It's an apt metaphor. It is a scary thing, after all, to fall off a cliff, and that's exactly what the Congressional Budget Office has said will happen to the U.S. economy in 2013 if no compromise is reached in Washington to help absorb what would be a $720 billion fiscal shock in the form of tax increases and spending cuts.

Rubenstein was part of a panel of high profile financial leaders who all see a compromise on the horizon. "Even Congress can figure out how to kick the can," said Larry Summers. 

  1. 1 Playing Chicken With the Fiscal C...
  2. 2 Grover Norquist and the Fiscal Cl...
  3. 3 The Great Repudiation and the Ret...
  4. 4 Howard Dean: Let's Drive Over the...
   
  1. Playing Chicken With the Fiscal Cliff

    Playing Chicken With the Fiscal Cliff

    If all of the spending cuts and revenue increases that make up the fiscal cliff go into effect, it would represent an estimated $720 billion in total austerity measures for 2013. Who is ready to stomach that?

    Read More…
  2. Grover Norquist and the Fiscal Cliff

    Grover Norquist and the Fiscal Cliff

    Grover Norquist stands to be a major player in the debate over how to face the upcoming fiscal cliff.

    Read More…
  3. The Great Repudiation and the Return to Normalcy: Prospects for Obama’s Second Term

    The Great Repudiation and the Return to Normalcy: Prospects for Obama’s Second Term

    I’ve been contemplating the notion of a graduated return to normalcy for about a year. A few days ...

    Read More…
  4. Howard Dean: Let's Drive Over the Fiscal Cliff.

    Howard Dean: Let's Drive Over the Fiscal Cliff.

    Howard Dean: Any politician who tells the American people there aren't going to be any sacrifices for everybody is a liar and I do not want the sacrifices to be on the backs of the middle class.

    Read More…