Wednesday, November 28, 2012

If Conventional Wisdom Says...

"we can't fall off the fiscal cliff," then let's do it.

Or so says UGA prof Jeffrey Dorfman.

If people think this through logically, they will see the choice is not whether to have a recession, but when. The politicians created false prosperity with these unprecedented deficits, but the mirage is not real. We must choose either to be poorer now in order to be richer later or to be richer now at the cost of being poorer later.
I vote for massive spending cuts to bring the deficit back to $300 billion or less within two years. I can accept some tax increases to go with the spending cuts as long as they are simultaneous. If taxes go up now, spending should be cut now; none of these out-year cuts years in the future that are not legally binding. Comparing today's spending to that under Clinton shows it not just possible, but fairly easy to regain spending sanity. If we spend today's equivalent to Clinton's last budget, the problem would be solved.
If that gives us a recession, at least I know more of today's children will have jobs in the future thanks to our short-term sacrifice today.

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