Transcript: Fiscal Cliff 1

Today on the podcast, what is the fiscal cliff, is it real, does it mandate rollbacks in social insurance, is it time to panic. We'll get some of that panic in our upcoming podcasts. Today we introduce the EPS Bernard Schwartz symposium and a rational look at the matter. Recorded and available on C-Span. link on the transcript.

http://www.c-span.org/Events/Economists-Look-For-Ways-to-Avoid-the-Fiscal-Cliff/10737435786-1/

The fiscal cliff is fascinating political theater. Bad economics. It is reminiscent of the health care compromise, in which the people who knew what they were talking about were locked out of the room, so the outcome solved very little of the essential problems. The agenda of the establishment was the only agenda on the table. Not even a public OPTION.

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Here, in the upcoming debates, the common p0erception is that everybody accepts the need for deficit reduction largely through spending cuts. It is a meme. Demand Side doesn't accept it. The economists were going to relay over the next week do not accept it. And we would submit that these comprise many of those who were right in past debates.

We'll give room today for Jamie Galbraith's opening remarks. The regular PC will reappear on Friday, and the four hours of talks will be issued as time allows. BUT. Only on one of the feeds. We would eat up bandwidth in a day if we put it out on our legacy feed, the one with the mirrored rails. It will go out only on the brown icon. If you need to switch to find it, there's a link at demandsideeconomics.net or just choose the brown icon at the iTunes store, or as we said, the link to C-Span is on the transcript.

GALBRAITH

So, today it was Jamie Galbraith's introductory remarks. Friday it is a new edition of the podcast. And following or interceding, for your iPod, the whole of this Bernard Schwartz Symposium in segments.

All brought to you By Economists for Peace and Security, website epsusa.org.

Economists for Peace and Security is a New York-based NGO which links economists interested in peace and security issues. Inspired by International Physicians for the Prevention of Nuclear War, it was founded in 1989 as Economists Against the Arms Race (ECAAR), before becoming Economists Allied for Arms Reduction (ECAAR) in 1993. It adopted its present name in 2005. Stockbroker Robert J. Schwartz led its creation.

Notable trustees of EPS include Kenneth Arrow and Lawrence Klein (founding trustees); Amartya Sen, Robert Reich and Óscar Arias. James K. Galbraith became Chair of the Board of Directors in 1996.

It is not an advocacy or lobbying group, but a place where professionals working on emergent questions, representing only themselves, can speak with clarity and conviction. Visit the website. If you share the aims and objectives of the organization, join or lend your support.