Playing with fiscal fire

Federal statisticians issued unexpectedly bad news Wednesday, saying the economy contracted in the last three months of 2012 — the first downturn since the recovery began in mid-2009. The sour numbers weren't as bad as they seemed at first, yet they still sent a clear signal that the economy is too fragile to withstand a sudden shift to fiscal austerity. Unfortunately, Congress doesn't seem to be getting the message.

January 31, 2013