From Bruce Krasting:
We have a week left to resolve the issue of extending the 2% break on Social Security taxes (FICA&SECA). I still think there will be a last-minute fix on this. It’s too important. Without this tax break, the economy will hit a wall next year.
Whatever your thoughts are today about the prospects for a recession in the next 12 months, you’ll have to revise the odds way up if congress fails to get a deal. It’s a measure of just how economically vulnerable we are that 2012 is make-or-break as a consequence of how this plays out.
The latest insanity on this topic comes from the WSJ today…