Friday, November 12, 2010
Dave Brooks takes a look at this issue from the big picture, and he makes important points. While Krugman goes for the details, Brooks does a good job of trying to see the big picture. I wold hasten to note, however, the Krugman has expressed a very real appreciation of the danger of the deficit, and he's not moved by the fear of bond markets that Brooks, like Niall Ferguson,share. Both express a fear of market collapse. Nonetheless, I think Brooks joins the debate. In the end, to reduce this deficit, we're going to have to do some things differently. Cut defense spending significantly would be a great start. Maintaining slightly higher taxes on the wealthiest would also be fine by me. Ending breaks for economic interests that don't serve the general welfare would work for me. A higher retirement age for Social Security? Perhaps for some. Anyway, we should engage in a vigorous public debate on these issues and take steps to reduce the deficit, but not by hurting those at the lowest end of the economic spectrum.