Posts tagged: Bowles

Ten Economists, One Opinion: The Time to Cut the Deficit is Now!

By , March 26, 2011 5:04 pm

Ten former chairmen and chairwomen of the Council of Economic Advisors have joined in a statement that calls on Congress and the President to step up and get to work on the important task of cutting our monstrous deficit.

There are many issues on which we don’t agree. Yet we find ourselves in remarkable unanimity about the long-run federal budget deficit: It is a severe threat that calls for serious and prompt attention.

You can read more here, but there is one thing missing from both their statement and the Bowles/Simpson report they refer to: What can Congress and the President do to regain the trust they’ll need to pull this trick out of a hat?

I’m all for deficit reduction. I’ll even sign on for tax increases. But I will not agree to those increases unless and until Congress and the President show me that they are serious about cutting spending and that they will use the tax increases to cut the deficit rather to spend.

I am not holding my breath.

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