Why the Next Recession Will Hurt More

As comedian Jim Gaffigan tweeted, "That fiscal cliff sounds even worse than one of those Clif bars." Opinions on all-natural energy bars aside, it's clear that the fiscal cliff doesn't look good for the economy in the short term. There's something worse, though, that affects the ability of the country to fend off future recessions. Because the current Federal Reserve policy could make any future recession less like falling off a cliff and more like falling down an up escalator, where the country will find it hard to stop tumbling, stand up, and reach prosperity.