John Mauldin interviews Senate Chiefs of Staff Krone and Lehman on the present fiscal impasse and why both sides may be forced into crisis mode in 2013 before they can find their way to consensus.Here is a direct link.
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Although it’s often used, the “kicking the can down the road” analogy is too simplistic. It assumes the can stays the same size, but in real economics it does not. So you kick a can down the road and when you walk up to it it’s a pail. So you kick it again and when you walk up to it it’s a tub. So you kick it again and when you walk up to it it’s a barrel. Now you can barely kick it at all and it hurts when you kick it. So each time the delay gets shorter and shorter and the problem gets bigger and bigger. But this extended truth doesn’t produce a good sound bite.