The Times finally runs an opinion column finally worth printing. Money quote:
Last week, in his address on deficit reduction, the president followed the playbook once again. In the throat-clearing section of the speech, Obama promised “tough choices” that put “everything on the table.” But his tax proposals were aptly summarized by The Atlantic’s Clive Crook: “The rich can pay for it all.”
As it happens, they can’t. Squeezing the wealthy buys some short-term deficit reduction: over the next decade, President Obama’s plan could trim (almost) as much off the deficit as Paul Ryan’s controversial Republican budget — $4 trillion, give or take.
But that $4 trillion is just a fraction of America’s projected long-term debt. The whole point of the Ryan plan is that the real deficit reduction starts at year 10, when his Medicare reforms are phased in.
Under the president’s plan, we soak the rich in the short term, and then just keep going deeper into the red.
I wonder how long until the editor who allowed this in gets fired.
2011-04-18 » madlibertarianguy