Erskine Bowles and Alan Simpson have put out their recommendations. Here are my quick thoughts:
The Hill sets the economic bar awfully low:
Economists who study the labor market said this week that they expect unemployment in 2012 to average 8.5 percent, down more than a point from the 9.6 jobless rate of today. Heidi Shierholz, an economist at the Economic Policy Institute, said every forecast she has studied predicts rapid job growth in 2012, even though the national number will still be a far cry from full employment. “It’s still going to be so high in 2012, but people are going to be feeling better,” Shierholz said.