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Have to believe this is Obama’s intention. He wasn’t satisfied with a downgrade from AAA and is steering for a complete default. We are closer to that than people realize.
Gee, what happened to all the talking heads and other very stern realists demanding austerity and deficit reduction?
The fall over the fiscal cliff provides a modest dose of austerity and a huge dose of deficit reduction, and the stern realists and talking heads now tell us that such a combination brings the Apocalypse.
Don’t tell me that they’ve all along been wearing magic Keynesian underwear under their stern realist suits! Heavens!
If the talks fail and the dispute moves to the airwaves, both sides will be in the position of saying: “taxes will go up for almost everyone unless you give us X.”
For one of the sides, “X” is tax cuts (relative to the rates that would be in place with the expiration of the Bush tax cuts) for high earners and bigger cuts to Social Security, Medicare, and Medicaid.
As that definition of “X” polls very poorly, it won’t be well received.