It's always a really good way to start the day when you realize that a Nobel Laureate agrees with you.
Over at his own blog at The New York Times, Paul Krugman manages in two very short posts to hit on many of the topics I've been talking about lately, but to do it with a style, grace and cut-through-the-BS sarcasm that once again makes me envious.
First, as I've been saying for months, Krugman notes that the fiscal cliff is making life exceedingly difficult for deficit hawks because...although they never, ever say it...avoiding the cliff means that the budget deficit will be much, much higher next year. Krugman implies that they have trouble admitting this out loud. I agree and suggest treatment, as long as it's not paid for by a federal program or is a tax-deductible expense.
This week's Roll Call column explains why executives from the three credit rating agencies are likely to be suffering a series of fiscal cliff-related maladies these days.
Rating Agencies Must Be Sick About the Fiscal Cliff
The senior executives at Standard & Poor’s, Moody’s and Fitch Ratings — the big three companies who take it on themselves to rate the credit worthiness of the United States — must not be sleeping all that well these days because of the fiscal cliff.
Actually, I wouldn’t be at all surprised if, in addition to insomnia, the rating agency execs are suffering from fiscal-cliff-related anxiety and are taking medication to lower their blood pressure.