Click here to see the article by Jeffrey Miron about the debt crisis.
Jeffrey Miron is an economist from MIT and a current lecturer at Harvard. He is libertarian. I found out about him after a friend showed me his article. His non-partisan, practical, point-of-view is fresh and is the type of policy that this country needs.
There is a debt crisis on hand, not a crisis of defaulting which requires us to raise our debt limit, but an actual, omg we are heading in the direction of Greece and economic collapse debt crisis. We have too many long-term promises, too much liability, and not enough revenue, not enough working, value-adding people to pay for it all. This debt crisis, which in the short term is garnering attention by the ploy by Republicans to refuse to raise the debt limit as has been done blindly and without regard for a dozen or so times prior, needs to be fixed sooner or later. The real root of the problem is that entitlement costs are rising too high, and need to be reformed or it will break itself and the country.
The Article:
First, Democrats must accept significant debt reductions, but true debt reductions through the reform of entitlements. The Democrats lack credibility with their ignorant refusal to amend what is clearly broken. Class-warfare is not the correct way to deal with the debt, and will not solve the problem.
Second, Republicans must accept the demise of tax loopholes, which tend to overly benefit the wealthy, and do little for the common people. It hides wealth, is not clear and simple, it is a waste and is part of a solution to streamline and simplify the tax code. Higher taxes may not be good, but tax loopholes are worse.
This balance that Miron strikes, without playing to partisanship, lends him credibility. His ideas logic and sensibility lends his argument strength.
I will definitely be following this author more, & I suggest you do as well.
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