Cliff schmiff /

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Bibliographic Details
Author / Creator:	Isenbergh, Joseph, author.
Imprint:	[Chicago, Illinois] : Law School, University of Chicago, 2012.
Description:	1 online resource (8 pages).
Language:	English
Series:	John M. Olin Law & Economics Working Paper ; no. 611 (2d ser.) John M. Olin Program in Law & Economics working paper ; 2nd ser., no. 611.
Subject:	Fiscal policy -- United States -- 21st century. Government spending policy -- United States. Taxation -- United States. Budget deficits -- United States -- History -- 21st century. Budget deficits. Fiscal policy. Government spending policy. Taxation. United States. History.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/8968231

Hidden Bibliographic Details
Notes:	"August 2012." Title from online title page (viewed February 20, 2013). Includes bibliographical references.
Summary:	"Dread of the 'fiscal cliff, ' widely apparent in public discourse on tax and fiscal policy, rests largely on an illusion: that the contractionary effect of unwinding public debt can be substantially avoided if it is carried out more gradually. In fact, the possibility of fiscal drag inheres in all reduction of public debt. The question is whether it can be mitigated by stepping away from the fiscal cliff and following some other path to public solvency. While a less painful resolution of our fiscal situation may be possible in theory, the policies floated of late in public pronouncements across the ideological spectrum are more harmful over time than simply falling off the cliff."

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