Word: fiscal
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...imagine when he'll have a better opportunity. Nothing in the historical record suggests that when Congress has more time to deliberate--and more time to confer with special-interest lobbyists and local-interest political advisers--it enacts fair tax policies, sustainable energy policies, wise infrastructure policies, responsible fiscal policies or any other policies tainted by long-term thinking or national-interest considerations. If Obama wants to push 21st century change through Capitol Hill, he needs to use this emergency...
There are three questions the conferees should ask about every provision in the package: Will it stimulate the economy quickly? Will it create long-term fiscal obligations? Also, is it something we ought to do anyway? We need to zap the economy with a big jolt of federal dollars, and it's important that those dollars be spent in timely and temporary ways. But it's just as important that they be spent in ways that promote national priorities rather than undermine them. Fast is good, but this downturn is likely to last a while, no matter what the feds...
...recent weeks, the world has been politely standing by and watching how things play out with the fiscal stimulus and latest bank-bailout plans in Washington. Yes, there's been some grumbling overseas about "buy American" provisions in the stimulus bill, but for the most part, officials elsewhere don't want to step on the toes of a new President to whom they are favorably disposed. They also don't want to endanger legislation that they hope will help jump-start the global economy...
...applaud Peter Beinart's suggestion to inject some economic realism into our foreign policy [Feb. 2]. An America that demonstrates an understanding of its limitations and a fiscal pragmatism in its foreign policy will command far greater respect abroad than one that takes the dogmatic, open-checkbook approach of the Bush Administration. But why stop with Iraq and Afghanistan? Barack Obama should look at the rationale for maintaining forces in Germany, Japan and South Korea. Even among our allies, our presence on their soil makes little sense to many and is not appreciated. Our days as the world's policeman...
...complex and bloated tax system. According to the IRS, more than 60 percent of Americans use professional help to prepare their income-tax returns. A convoluted system of deductions, rules, and exceptions, the U.S. tax code takes more than 66,000 pages to explain. Chris Edwards, a director of fiscal policy at the Cato Institute, remarked that just complying with the current tax system costs the nation around 2 percent of its GDP. In light of these recent examples and as part of larger economic reforms, the tax system should certainly be streamlined. But the complexity of the tax code...