Fiscal Cliff Hanger

I say, again: we have a persistent economic crisis, but right now that crisis is jobs, not deficit. The deficit is a consequence, not a cause of job loss.

The looming 'fiscal cliff" is itself a consequence of a disastrous agreement last year to persuade Republicans not to throw the country into renewed, deep recession by refusing to raise the debt limit - essentially refusing to pay our bills.

No one disputes that, in the long run, we must reduce deficits. Reduce them back to the levels of the last two years of the Clinton administration.

But first we have to put people back to work. But Republican obstructionists don't want the economy to succeed. They will continue to obstruct economic progress.

At the state level, further obstruction will proceed apace in every state whose government is dominated by Republicans. We are about to enter that category here in North Carolina.

I don't make this stuff up, but I do read a lot of what is said by the best economists.

One of the economists I follow is Jared Bernstein. He's a very clear writer and thinker. Today he examines the question of what the last year has taught us about economic beliefs that have not served us well. Here's his summary.