The Obama Administration is planning to start cutting the deficit soon for economic and political reasons. To now even merely discuss tax raises, expenditure cuts, and increases in interest rates that are entailed will slow the recovery. We know what must be done; it does not require long preparations. And there is no sign that the feared inflation that deficits are said to cause is anywhere in sight. True, once inflation settles in, it is difficult to eliminate -- but it starts slowly. There is plenty of time.
Note that both Carter and Clinton fought to balance the budget and cut or capped social programs -- only to allow the Republican administrations that followed to provide huge tax cuts to those better-off.
As to politics -- whatever Obama does, the GOP will complain that the deficit is too high and make political hay out of the tax raises and benefit cuts. As to the voters -- while they tell pollsters they fear deficits, they hate increased taxes and benefit cuts many times more.
Last but not least, how much deficit is bad for the economy is far from clear.
In short, for now, worry about those without jobs, not those who are crying about deficits.
Amitai Etzioni is a University Professor at the George Washington
University. To contact him, write icps@gwu.edu.
www.gwu.edu/~ccps/securityfirst
The dissertation writing service can propose students with the dissertation tips but the really good issue connected with this good topic scholars can find out on this site.
Posted by: jS25OLIVIA | December 30, 2009 at 08:35 PM
In my opinion, the first turn suffered from the budget deficits are those who receiving government help!
Posted by: Miss April | May 12, 2010 at 07:40 AM
the really good issue connected with this good topic scholars can find out on this site. http://www.rapidsloth.com
Posted by: Jeremy | July 05, 2010 at 08:56 AM
When an end is lawful and obligatory, the indispensable means to is are also lawful and obligatory .Do you understand?
Posted by: lacoste shoes | July 22, 2010 at 02:27 AM
Thanks again for a very well written post, I thought I would leave some positive feedback as this blog has me coming back time and time again, many thanks from the UK and keep up the good work.
Posted by: essay papers | July 23, 2010 at 12:44 AM
little bit we must agree with Obama, thanks for this good article.
Posted by: telecom book | July 29, 2010 at 05:06 AM
Great one
Posted by: liability insurance california | July 30, 2010 at 03:33 PM