As President Obama promises to bargain away changes to spending and social programs in exchange for income tax increases in the top two brackets, leading economist Dean Baker criticizes the so-called fiscal cliff threat as a myth.

“This idea that if we do not get a deal by the end of the year we will see the economy collapse and go into recession, that is totally dishonest,” said Baker, the co-director of the Center for Economic and Policy Research. “The basis for this is that we don’t have a deal all year — the fact that you do not have a deal December 31 does not mean that you do not get a deal by December 31, 2013.”

— Posted by Alexander Reed Kelly.

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#barack obama#dean baker#entitlements#fiscal cliff#john boehner#spending#taxes#video