Friday, November 16, 2012

Austerity Bomb? Don't Panic. Keep Your Eyes on Real Fiscal Reform

Austerity bomb” is the metaphor of the day. First introduced by Brian Beutler, it has now been endorsed by Paul Krugman as a replacement for “fiscal cliff.” Both are bad metaphors. They invite us to think that the most important thing on the national agenda is to avoid the cliff or defuse the bomb before disaster strikes. Instead, we need to stay calm keep our eyes on the prize, that is, on real reform of our muddled fiscal policy. Unless we are willing to look beyond what happens at the end of the year, we risk being panicked into a deal that will leave us in an even worse fiscal mess than we are in now. Here are the three long-term considerations that should be at the center of budget negotiations: >>>Read More

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