Word: deficits
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...recession-induced declines in tax collections. The spending on the wars in Iraq and Afghanistan should be ended, not prolonged, saving at least 1% of GDP. We'd still probably be close to $1 trillion (perhaps 6.5% of GDP) shy of budget balance. With the economy in a tailspin, deficit financing of up to $1 trillion could make sense, but it's a fleeting option because foreign nations have lost confidence in the U.S. economy and currency...
...past 50 years, arguing for tax increases to fund the expansion of federal programs has been a political death wish. Lyndon Johnson could not sell the public on tax increases to pay for his War on Poverty when the Vietnam War intruded. Jimmy Carter failed to close the deficit through higher taxes in the late 1970s. And Ronald Reagan made tax cuts the down payment on every election since. George W. Bush, of course, imitated Reagan in cutting taxes, thereby creating huge new budget deficits. Voters are still willing to permit the government to expand its share of GDP, particularly...
...arrived to restore national prosperity and security with a smartly rebalanced partnership between the public and private sectors. Fiscal policy will be President Obama's biggest political hurdle. Expanded spending by government - for health care, climate change, energy security, education, infrastructure and peaceful diplomacy - is urgently needed, but large deficit financing is not a long-term option. Although Obama's tax cuts might stimulate consumer spending - and placate Republicans - any permanent cut would be a huge error, and even short-term tax cuts are an unnecessary risk. Obama's long-term success will depend on his ability to lead Americans...
...most likely deteriorate. State employees are facing payroll cuts, unpaid leaves and a hiring freeze. Money for firefighting in parched Southern California is drying up, as is financing for levees in flood-plagued northern environs of the state. And that's just for starters as California faces a budget deficit of more than $41 billion over the next 18 months. (See pictures of the aftermath of a California firestorm...
...property-rate taxes that resulted in restrictions on tax increases) as having a snowball effect over the course of 30 years. Add these to California's extremely high home-foreclosure rate and a global recession (approximately 1 in 4 jobs in the state has international-trade ties), and the deficit quickly adds up. In the past, the state would borrow or sell bonds to bridge the gap, but with the current credit crunch, few investors are willing to offer assistance...