How Does the Conventional Wisdom Become Conventional? ("Cliff" and "Ceiling" Edition)
-- Posted by Neil H. Buchanan Especially for those who understand very little about budget policy – that, is, for nearly everyone with a life – the words that we use can vividly frame the debate. Fed Chairman Bernanke's invention of the term "fiscal cliff" has had a particularly unfortunate effect on the current national discussion about spending and taxes. The issues at stake are substantively different from anything resembling a cliff-like situation -- the decline in the economy would be gradual, and there would be no "vertical climb" necessary to return to where we started. Some bad and unnecessary things will happen if current law is not changed, but Bernanke's metaphor is just plain misleading. Dangerously so. I made this argument in my most recent Verdict column , and over the past few weeks a veritable cottage industry has emerged, with various commentators trying to undo the damage that the "cliff" framing has done. Unfortu...