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Adult discussion of deficit needed

September 20, 2012

Nick Hackstock, a business person with successful projects in several western states, writes the following, which I am posting with his permission:

What we need to turn this economy around is confidence in the future.  People won’t hire more workers because taxes will be lower; they will hire more workers because they are confident of the future.  The only way for folks to have confidence in the future is for them to have confidence that the Federal government will do something about these enormous deficits.

 Soooo, it is time for an adult conversation about the deficits.  The public won’t buy that we can fix the deficit with only spending cuts.  We need phased-in spending cuts and tax increases to be believable. 

 Many independents would be pleased to see new discussion of the Simpson Bowles Commission.  I believe it would give Romney/Ryan real credibility.  I realize that Ryan voted against the Commission report but I understand that was because it did not adequately address entitlements, and I’m sure he would be excellent explaining his reasons. 

 The public would say finally someone is talking common sense.  They know tax increases on the “rich” won’t fix the problem, and they know Democrats won’t cut spending.  So Romney/Ryan could claim the “high ground” with this bold initiative.

In my view, Nick’s thoughts are spot on.  In several chapters of the Fixing America’s Broken Politics book (which you can read free online), I point out that fixing the problem will require both tax reform and spending reform — and that both should be phased in gently and gradually to avoid damaging an already fragile economy.

Nick and I would both welcome any comments — pro or con — that you may have.  You can post them here. (Then click on “+Follow” to get emails as this important discussion continues.)

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