Merry Christmas, Happy Holidays
In spite of the holiday season the reality is that is is difficult to reject ones economic religion. The battle in Washington over the Fiscal Cliff is really a battle over abandoning the supply side Trickle Down Myth, the religion of the House Republicans and their two young lions, Cantor and Ryan. It is an economic story that sees low taxes creating growth, when in reality while it did lead to some growth it at the same time is not sustainable because it does not pay it way and adds to government debt. There are a lot of other pieces to the total debt situation that include unfunded wars and entitlements but those are not at the core of what is eating the House Republicans and what could see us go over the cliff.