Sunday, November 14, 2010

"Nobody Cares" is Not an Excuse for Inaction

Paul Krugman observes that for most votes, regardless of party affiliation, a balanced budget is low on their list of priorities. With due respect to the many deficiencies of the tentative Bowles-Simpson proposal, and to the fact that some issues are presently more pressing than balancing the budget, it actually would be both a good thing and a sign of political maturity to start addressing how to achieve long-term balance. The alternative approach, seemingly preferred by the electorate and politicians alike, is to wait for a crisis. Even if it's not imminent, though, it's difficult to imagine a crisis that compels the balancing of the budget that won't be at least as bad as the financial industry collapse.

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