One can disregard all the media nonsense addressing the “fiscal cliff.” It’s all about political brinkmanship–a game of chicken–to see who can score a partisan win (at the cost of a national welfare loss). This quote from the WSJ sums up the reality quite accurately:
…[T]he fiscal cliff is an entirely made-in-Washington fiasco that is the result of bad policy choices. It reflects a dominant political class—mostly Democrats but increasingly many Republicans and conservative intellectuals—who think that growth derives from government spending and that tax rates don’t matter. Until that policy fever is broken, the Beltway’s cable ratings aren’t likely to improve.