Eugene Robinson: The Economy Is Bad Enough [View All]

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from truthdig:



The Economy Is Bad Enough

Posted on Jun 27, 2011
By Eugene Robinson


There is no good reason for negotiations on the budget and the debt ceiling to be deadlocked, because the solution is obvious: First, do no harm.

The Hippocratic injunction should be something befuddled economists and warring politicians can agree on. With the nation struggling to recover from a devastating recession, unemployment stuck at crisis levels, financial markets spooked by the possibility of European defaults and consumers disinclined to consume, it makes no earthly sense to suck money out of the economy.

Democrats are right that this is a terrible moment for spending cuts. Republicans are right that this is an awful moment for tax increases. The only reasonable thing to do is kick the can down the road—but in a purposeful, intelligent way.

As a practical matter, this means Republicans must swallow an increase in the debt ceiling and Democrats must accept painful spending curbs that kick in when the economy is off its sickbed. It means conservatives have to be patient in bringing expenditures down and progressives have to be patient in returning tax rates—even for the wealthy—to what many of us consider appropriate levels. ..............(more)

The complete piece is at: http://www.truthdig.com/report/item/the_economy_is_bad_enough_20110627/