The Washington pols and the MSM are working themselves into a fever pitch about the so-called “fiscal cliff” dead ahead. The latter reflects the expiration this week of the $600 per week Federal UI bonus and the lapsing of several other Everything Bailout measures—including the hideously stupid and corrupt PPP program at the SBA.
Of course, what they don’t say is that the towering cliff in question was confected on Capitol Hill in the middle of the night in late March. It passed by voice vote without any analysis or regard whatsoever for the cost; and also scant comprehension as to how the tsunami of free stuff being authorized by the Everything Bailouts compared to the anticipated loss of wages and incomes from the Covid Lockdowns.
Now we know. What happened in the second quarter was a fiscal and economic abomination like no other.