- Set firm budget goals, like a 70% debt-to-GDP ratio, and put mechanisms in place to ensure you will be held accountable for meeting them.
- Keep all options open, by combining proposals to cut spending, increase revenues, and, where possible, boost growth.
- Reduce the growth rate of spending.
- Recognize that different spending challenges require different approaches. For Social Security, the key issue is political will... For Medicare and Medicaid ... policymakers should approach health spending as a research-and-development challenge, not as a one-time matter of setting specific policy dials.
- Not all taxes are created equal --Taxes on income, for example, are usually worse for the economy than taxes on consumption.
- Obey the first law of holes
Wednesday, March 31, 2010
Congress and President ignore the first law of holes
When you are in one, stop digging--Donald Marron's 6-step program for derailing our fiscal train wreck:
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Nice Post !
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International business school student