I’m not going to do Weekly Links anymore. Instead, I’ll just post when I accumulate interesting links on a topic. Since it’s tax time and I’ve already done taxes in a prior post, today’s Budget Deficits Day.
Long-term federal red ink is growing and is unsustainable. It may approach 20% of GDP by decade’s end. Eventually we’ll have to do something, most people agree.
The questions are (1) whether should we take any big steps now when we’re just emerging from a major recession and everything’s still fragile; and (2) who should bear the brundt of the pain when we do act. Conservatives want to slash entitlements, like Social Security and social programs–but not defense. They also want to keep cutting taxes. Liberals cringe at this thought, and, in private, say that 21st century America cannot maintain prosperity and grow more without more public goods, like health care, education, infrastructure, etc.; and that this will mean more taxes in the long run.
Here are a few links to good articles on this subject. But, first, here’s that chart I posted a while back showing what’s driving the deficit: health care costs and Bush’s tax cuts.
- The deficit is a real problem.
- Yes, but there’s no entitlement crisis.
- No. It’s “deficit hysteria.” And just “a cover for slashing entitlements, like Social Security.’
Humor: A list of some of the better april Fool’s Day news/journalism pranks. My favorite one involved a news site blog report on the arrest of a man who was trying to destroy the Large Hadron Collider in Switzerland. He claims he’s from the future and that the collider sets off a series of events that turn the world into a “communist chocolate hellhole.”