Monday, September 7, 2009

You Spin Me Right Round

From the New York Times:

So far, the Obama administration’s plan for dealing with the budget deficit — an estimated $9 trillion over a decade — is to not dig the hole any deeper. That’s an important first step. President Obama deserves credit for proposing ways to pay for his two big initiatives to date: health care reform and energy legislation. Reducing the growth in health care costs, in particular, is vital to curbing future deficits.

As for the hundreds of billions of dollars in economic stimulus, their impact on long-term deficits is marginal because the spending is temporary. More important, deficit spending is warranted in a recession because it eases the downturn and in so doing, averts even worse damage to the economy and the budget.

But, sooner than he may prefer, Mr. Obama will have to face up to what he has so far avoided: the need to raise taxes broadly to rein in deficits.

Without even entertaining the notion of cutting spending, this magical editorial makes Obama's fiscal irresponsibility into a good thing. Only the New York Times could spin a doubling of our 9 trillion dollar debt into a positive, instead of a complete disaster.

No comments:

Post a Comment