The Pointlessness of Today's Fiscal Cliff Drama

I'm feeling a bit under the weather and it's making me cranky, but it's worth pointing out that at this late hour the fiscal cliff drama has become totally pointless. Once upon a time, the idea—for better or for worse—was that the threat of the fiscal cliff might inspire congress to reach a "grand bargain" that reduced the budget deficit by several trillion dollars relative to current policy even while providing the economy with much-needed short-term stimulus. But that bargain already fell apart. It's dead. Instead, the back-and-forth over the weekend is about a "small" deal—a deal that would have some-but-not-all of the Bush tax cuts expire and maybe delay implementation of the budget sequester pending a further agreement or maybe not. That's all great stuff to talk about, but when you think about it Congress could easily just tell everyone to go home, watch...