Well, it seems that the CBO isn’t using GOP mathematics again and actually is using some un-unskewed numbers (reality has a liberal bent? Yes.) and discovered that of all the elements in the so-called Fiscal Cliff (and I really hate that term), the expiration of the Bush Tax Cuts for the uber-wealthy do the least amount of harm to the economy:
“A new report by the non-partisan Congressional Budget Office reminds legislators that tax increases and spending cuts set to take effect automatically in January threaten job growth significantly in the coming year. But for the first time, CBO has analyzed (PDF) the economic consequences of specific provisions within the sequester. And it turns out the least harmful component of the coming fiscal consolidation is precisely what Democrats are demanding: the expiration of the Bush tax cuts for high earners.”
OK, so what about all the Wingnuttian orthodoxy on cutting benefits and programs across the board?
“By comparison, other layers of the fiscal cliff save less money and have far greater economic consequences. Failing to extend the expiring payroll tax cut and expiring emergency unemployment benefits through 2014 would cost the economy about 800,000 jobs, according to CBO. The two halves of the sequester — the defense cuts and the domestic cuts — would each cost the economy about 400,000 full time equivalent jobs.”
So, I guess that means that Weepy and Chinless Mitch are going to throw the country into recession rather than grab the bull by the tail and face the situation that GOP orthodoxy is the problem? Yes.