Word: petersons
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...Peterson's prescription demands that the nation magnanimously take on the burden of Reagan's extravagance: that all domestic spending--including entitlement programs--be cut, and that defense spending be "restrained" or allowed to grow only modestly. Peterson would assent to a tax increase only as a last resort, and then only "in ways that discourage consumption and encourage investment...
...what's wrong with Peterson's plan for recovery-through-self-sacrifice? Because of the simple fact that he and his supporters will not have to make the sacrifices. His hypocritical plan is motivated by the selfish interests of Wall Street and is nothing more than another round of Reaganomics in disguise...
JEFF Faux of The Nation exposes three serious shortcomings in the Peterson plan. First, it seeks to bring down the deficits too fast. Peterson's goal of a $30-40 billion reduction in the first year equals a net public sector stimulus of zero, which increases the risks of recession. Second, it uses fiscal austerity as a pretext for undermining the role of government in domestic investment, especially in terms of human resources...
...most outrageous aspect of the Peterson plan is that it would force the burden of paying for the profligacy of Reagan's economic policies on those who benefited least from them. Both the proposed spending cuts and the possible tax increases of Peterson's plan are designed to soak the working class and spare the wealthy. Under Reagan, the financial establishment threw a massive party on Uncle Sam's Master Card, and now they are handing the bill to those who weren't invited...
...essence of the Peterson plan is that "we" must make sacrifices for the public good. This is analogous to a general in Washington radioing his troops in the trenches to say "We are going to fight this one to the last...