by Dr. Roy Cordato
Senior Economist, Emeritas
Our Federal debt and deficit problems are the result of a tragedy of the commons. As the commons grows the tragedy will get worse and there is nothing in our political system, i.e. it is not inherently in anyone’s interest, to stop the growth of the commons. The fiscal cliff “debate” is a side show. As Ron Paul noted, we have already gone over the cliff. The only question left is what the landing will look like. My view is that it is inevitable that the landing will be ugly.