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Economic Synopses

Short essays on the economic issues of the day written for a generally informed readership.

2012, No. 34

The Fiscal Cliff in Context

Federal revenue is currently well below its postwar, pre-crisis average, while expenditure is well above, with both factors contributing to a large and persistent deficit. Under current law, the deficit situation would be quickly, if painfully, resolved, with the lion’s share resulting from increased tax revenue.

 


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