Cut Here. Invest There December 26, 2010Posted by tkcollier in Economy & Business, News and politics, philosophy & politics.
Tags: Deficit, Financial Crisis, philosophy & politics
Borrowing billions more from China to give ourselves more tax cuts does not qualify. Make no mistake, President Obama has enacted an enormous amount in two years. It’s impressive. But the really hard stuff lies ahead: taking things away. We are leaving an era where to be a mayor, governor, senator or president was, on balance, to give things away to people. And we are entering an era where to be a leader will mean, on balance, to take things away from people. It is the only way we’ll get our fiscal house in order before the market, brutally, does it for us.
To survive in the 21st century, America can no longer afford a politics of irresponsible profligacy. But to thrive in the 21st century — to invest in education, infrastructure and innovation — America cannot afford a politics of mindless austerity either.
The politicians we need are what I’d call “pay-as-you-go progressives” — those who combine fiscal prudence with growth initiatives to make their cities, their states or our country great again. Everyone knows the first rule of holes: When you’re in one, stop digging. But people often forget the second rule of holes: You can only grow your way out. You can’t borrow your way out.