It’s Not a Fiscal Cliff, It’s an Austerity Crisis

Nov. 29 (Bloomberg) -- Washington is not known for thestunning clarity with which it frames and addresses toughissues. But has there ever been a debate so mired in confusionas the one around the so-called fiscal cliff?

The trouble starts with the term “fiscal cliff,” whichmisstates the nature of the problem and provides no hint of howto solve it. I prefer the term “austerity crisis,” which atleast describes the real issue -- too much austerity, imposedtoo quickly. (This has the added advantage of sidestepping anincreasingly inane discussion over whether the problem is reallya “cliff,” “curb,” “slope” or perhaps a “bomb.”)