On the recordJuly 16, 2012
If the fiscal cliff is allowed to happen, it would probably knock the recovery back into a recession and cost a lot of jobs.
Source
congress.govIf the fiscal cliff is allowed to happen, it would probably knock the recovery back into a recession and cost a lot of jobs.
Bernanke warns about the consequences of not addressing the fiscal cliff.
Share & report
More from Ben Bernanke
I would argue that it is not responsible to focus all of the restraint on the very near term and do nothing about the long term.
We all agree that the burden of regulation falls particularly heavily on small community banks which don't have the resources to manage those regulations very effectively.
As I have said many times, I think that fiscal policy is focusing a bit too much on the short run, and not enough on the long run.
If we are really interested in growing the economy, what we need to do is demonstrate that we can govern.