THE FISCAL CLIFF (updated)

“Car major Ford Motor Company on Thursday said it would spend more than $773 million on expanding its manufacturing facilities and create 2,350 new jobs in its home state of Michigan as part of a plan to invest $6.2 billion and add 12,000 new positions by 2015.”
“OVER THE CLIFF WE GO!”

The above two quotations were copied from the internet this morning. The first is from USA Today. It was one of their lead stories and great news for the people of Michigan.

The second was from the extreme right wing propaganda webpage THE DRUDGE REPORT. While not as extreme, similar articles were in New York Times and Washington Post. Checking the Oklahoman and Chicago Tribune, it was not mentioned on the front page. In the Minneapolis paper and LA times was a small print headline on the lower half of the front page.

So how important is the “Fiscal Cliff”? I will reserve further comment until I make my economic analysis on December 31, 2012