Fiscal Cliff: Hasty Fix Would Cause ‘Austerity Bomb’
From: PBS NewsHour | December, 2012
Republicans claim $2.2 trillion would be saved by their plan for deficit reduction, but economist Paul Krugman calls it a “vapor plan,” lacking details on where savings will come from. Krugman, an economics professor and 2008 Economics Nobel Prize recipient hits hard on the substance of the two plans and why reducing the deficit too fast will push the economy back into recession.