Here I briefly survey some recent developments. Forbes had this graphic of the consequences of the recent fiscal-cliff deal (named by its Congressional sponsors the American Taxpayer Relief Act, or ATRA) for various income quintiles. The left bars show how much your after-tax cash income would have gone down in percentage points as a result [...] View the full post at: The Near-Term U.S. Fiscal Situation Related posts: Must Fiscal Stimulus Policies Put a Burden on the Future? What’s behind Recent Changes in Long-Term Interest Rates? Fiscal Stimulus: The Growing Debate About When to End It