As the fiscal cliff negotiations continue in Washington and the stock market seemingly turns on every expression of optimism or disappointment what’s really at stake in the near term at least  is the answer to two important and interrelated questions: How dysfunctional is our political leadership and how bad is our economy going to be next year? The two questions are connected because fiscal policy both in the US and in Europe has already been a drag on economic growth and it’s extremely likely to continue to be one as politicians look to begin addressing concerns about long-term debt burdens. The debate ...