The Pinocchio Recovery at the Edge of the Fiscal Cliff

The CBO has warned if the economy tumbles over the fiscal cliff it could trigger a recession or could plunge the entire globe into a recession. The recovery has been weak and the economy has become very dependent on government spending.

By Paul Vigna
December 5, 2012, 3:37 PM
Wall Street Journal

If the economy tumbles over the fiscal cliff, it could trigger a recession, the CBO warned. Or, it could plunge the entire globe into recession, the OECD warned.

The fiscal-cliff drama has consumed gallon after gallon of ink, and has given journalists and pundits something to latch onto during what’s usually a pretty sleepy time of year in the news business. The stories have focused on how the political battle impacts the economy, but they’ve largely missed a pretty obvious point – how weak this recovery has been and how dependent upon government spending this economy has become.

Call it the Pinocchio recovery: It only moves only when somebody pulls a string.

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