Share on Google Plus Share on Twitter Share on Facebook Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend

Printer Friendly Page Save As Favorite View Favorites (# of views)   No comments
Diary (Diaries are not moderated)

Who Will Cut the Deficit, and How?

By       Message Steve Klingaman     Permalink
Related Topic(s): ; ; ; ; ; ; ; ; ; ; (more...) , Add Tags  (less...)
Add to My Group

View Ratings | Rate It

Now is a good time to ask yourself which party you want in power when we finally begin to enact deficit reduction measures.


Christina Romer, former chair of President Obama's Council of Economic Advisors, and an economics professor at the University of California, Berkeley, warned recently that deficit reduction, like death and taxes, is coming. In a recent Op-Ed in the New York Times she wrote, "Deficit reduction is coming, and this election will most likely determine how it's done." Mitt Romney has come out with a new narrative-of-the-week that the last four years represent a run-up of big government spending. That's not true by many measures. The run-up began with TARP on W's watch and continued with a stimulus package that a majority of economists agree probably averted a new Great Depression. It was no joy ride, as Romney would have us believe.

Romer maintains "honest talk about the deficit is risky." That, too, is true. What no one is telling us is that our choice is that of Greek style austerity on the one hand and broad tax increases on the other. While Romney attacks Obama without presenting his own plan, Obama has offered more concrete plans to cut the deficit when the time is right. We should understand that without a robust recovery no time is a good time. Yet, we cannot stand by waiting forever for a new economy to rescue us when the clock is ticking on our long-term debt bomb. Odds are that given two to three more years of a weak recovery, we will need to shift gears, cut spending, and start to pay back the cost of two ill-advised wars, the stimulus, and pay down the bill on underfunded entitlements. Who do you want to do that?

[Read the entire article at Open Salon:]


- Advertisement -
Writer and student of public policy
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
- Advertisement -