The Urgency Of Growth
January 28th, 2013 12:00 am E. J. Dionne
WASHINGTON — If you care about deficits, you should want our economy to grow faster. If you care about lifting up the poor and reducing unemployment, you should want our economy to grow faster. And if you are a committed capitalist and hope to make more money, you should want our economy to grow faster.
The moment’s highest priority should be speeding economic growth and ending the waste, human and economic, left by the Great Recession. But you would never know this because the conversation in our nation’s capital is being held hostage by a ludicrous cycle of phony fiscal deadlines driven by a misplaced belief that the only thing we have to fear is the budget deficit.
Let’s call a halt to this madness. If we don’t move the economy to a better place, none of the fiscal projections will matter. The economic downturn ballooned the deficit. Growth will move the numbers in the right direction.
Moreover, the whole point of an economy is to provide everyone with real opportunities for gainful employment and economic advance — the generational “relay” that San Antonio mayor Julian Castro affectingly described at last year’s Democratic convention. When we talk only about deficits, we take our eyes off the prize.
But there is good news. Gradually, establishment thinking is moving toward a new consensus that puts growth first and looks for deficit reduction over time. In the last few months, middle-of-the-road and moderately conservative voices have warned that if we cut the deficit too quickly, too soon, we could throw ourselves back into the economic doldrums — and increase the very deficit we are trying to reduce.
Here, for example, is excellent advice from the deservedly respected (and thoroughly pro-market) economic columnist Martin Wolf, offered last week in The Financial Times: “The federal government is not on the verge of bankruptcy. If anything, the tightening has been too much and too fast. The fiscal position is also not the most urgent economic challenge. It is far more important to promote recovery. The challenges in the longer term are to raise revenue while curbing the cost of health. Meanwhile, people, just calm down.”
“Calm down” is exactly what we need to do. We have been inundated with apocalyptic prophecies about our debt levels. While they come from the center as well as the right, Republicans are using them to turn the next two years into a carnival of contrived crises. These will (1) make normal governing impossible — no agency can plan when budgets are always up in the air; (2) distract us — we need to think about measures, such as an Infrastructure Bank, that would promote prosperity now and into the future; and (3) drive business people crazy — no enterprise would put itself through the contortions that are becoming part of Washington’s routine.
Continue Reading >> 1 2
-
http://pulse.yahoo.com/_B6RROC4IUESHT322QS5VJVPYRM Lynda
-
nobsartist
-
Dmullins84
-
nobsartist
-
old_blu
-
http://www.facebook.com/fern.woodfork Fern Woodfork
-
http://www.facebook.com/people/Kenneth-Heffley/100002250740914 Kenneth Heffley
-
Sand_Cat
-
idamag
-
lessthantolerant
-
lessthantolerant
-
http://profile.yahoo.com/WZG5Z5FXVXAA5PRY2USFW3Q76Y Witnes This!
-
Sand_Cat
-
FredAppell
-
http://profile.yahoo.com/HGC4BGWVYXV76PHZBPSPOOU5GA Independent1
-
montanabill
-
WhutHeSaid
-
http://www.facebook.com/fern.woodfork Fern Woodfork
-
idamag
-
http://profile.yahoo.com/HGC4BGWVYXV76PHZBPSPOOU5GA Independent1
-
http://www.facebook.com/fern.woodfork Fern Woodfork
-
idamag
-
montanabill
-
http://pulse.yahoo.com/_B6RROC4IUESHT322QS5VJVPYRM Lynda
-
montanabill
-
http://pulse.yahoo.com/_B6RROC4IUESHT322QS5VJVPYRM Lynda
-
montanabill
-
http://profile.yahoo.com/HGC4BGWVYXV76PHZBPSPOOU5GA Independent1
-
http://www.facebook.com/fern.woodfork Fern Woodfork
-
lessthantolerant
-
http://profile.yahoo.com/WZG5Z5FXVXAA5PRY2USFW3Q76Y Witnes This!
-
lessthantolerant
-
rustacus21
-
montanabill
-
lessthantolerant
-
lessthantolerant
-
http://www.facebook.com/dominick.vila.1 Dominick Vila
-
http://profile.yahoo.com/HJIWONQOW4EAYMCA4QH2DDJMBU MARK
-
http://profile.yahoo.com/HGC4BGWVYXV76PHZBPSPOOU5GA Independent1
-
http://profile.yahoo.com/HGC4BGWVYXV76PHZBPSPOOU5GA Independent1
-
http://profile.yahoo.com/HJIWONQOW4EAYMCA4QH2DDJMBU MARK
-
nobsartist
-
http://www.facebook.com/dominick.vila.1 Dominick Vila
-
nobsartist
-
neeceoooo
-
old_blu
-
nobsartist
-
lana ward
-
WhutHeSaid
-
http://profile.yahoo.com/HGC4BGWVYXV76PHZBPSPOOU5GA Independent1
-
WhutHeSaid
-
http://www.facebook.com/people/Jim-Myers/100001512942781 Jim Myers
-
Reddiaperbaby
-
http://www.facebook.com/fern.woodfork Fern Woodfork
-
WhutHeSaid
-
lana ward
-
Reddiaperbaby
-
lana ward
-
Reddiaperbaby
-
lana ward
-
idamag
-
lana ward
-
Reddiaperbaby
-
lana ward
-
daniel bostdorf
-
lana ward
-
lana ward
-
http://profile.yahoo.com/HGC4BGWVYXV76PHZBPSPOOU5GA Independent1
-
nobsartist
-
Dmullins84
-
montanabill
-
http://profile.yahoo.com/HGC4BGWVYXV76PHZBPSPOOU5GA Independent1
-
neeceoooo
-
http://www.facebook.com/fern.woodfork Fern Woodfork
-
neeceoooo
-
http://www.facebook.com/fern.woodfork Fern Woodfork
-
montanabill
-
latebloomingrandma
-
http://profile.yahoo.com/HGC4BGWVYXV76PHZBPSPOOU5GA Independent1
-
http://www.facebook.com/fern.woodfork Fern Woodfork
-
WhutHeSaid
-
http://www.facebook.com/fern.woodfork Fern Woodfork
-
idamag
-
hfassihi
-
http://www.facebook.com/people/Jim-Myers/100001512942781 Jim Myers
-
hfassihi
-
idamag
-
http://www.facebook.com/fern.woodfork Fern Woodfork
-
idamag
-
Canistercook
-
http://profile.yahoo.com/HGC4BGWVYXV76PHZBPSPOOU5GA Independent1
-
neeceoooo
-
Canistercook
-
neeceoooo
-
idamag
-
Dmullins84
-
http://www.facebook.com/johnny.traylor1 Johnny Traylor
-
charleo1
-
http://profile.yahoo.com/HJIWONQOW4EAYMCA4QH2DDJMBU MARK
-
ObozoMustGo
-
daniel bostdorf
-
http://pulse.yahoo.com/_GPAJBX2EJGLYKZCC4ZQG6IBNPQ PaulCindy
-
http://pulse.yahoo.com/_GPAJBX2EJGLYKZCC4ZQG6IBNPQ PaulCindy
-
http://www.facebook.com/people/Kenneth-Heffley/100002250740914 Kenneth Heffley
-
bchrista
-
http://profile.yahoo.com/X2KKGDYW2F5T5XUT6233KBNWSI robert
-
bchrista
-
http://profile.yahoo.com/ODKCEU3QG6FQGPYO465ALWEL3U Ronald B
-
bchrista
-
lessthantolerant

