“This is not the story you have heard about the budget. You have probably heard a terrifying tale of dysfunction and impending doom, with the catchphrase “the fiscal cliff” used by budget wonks to describe all the automatic changes scheduled for January 1. It’s a story of disaster that could arrive by accident and must be prevented at all costs. Every aspect of this narrative is inaccurate.”
“… if Obama wins, starting on January 1, everything that has held true in Washington for the past two years flips upside down. Even tax reform, which the two parties have endlessly discussed but failed to agree on, will suddenly become very easy, because instead of using reform to make people pay more, any new reform will tax people less.”
Jonathan Chait, New York magazine
Jonathan Chait carefully teases apart scenarios under a red or blue Oval Office victory. Although rarely appreciated by commentators, there are almost limitless possibilities here for the winning side to engage in credit claiming and considerable opportunities for leverage. Chait provides readers with a more comprehensive guide to a post-Obama victory than a Romney victory, but even so, his description of the game as it could unfold is terrific.