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Wednesday, April 13, 2011

The Deficit Speech

President Obama is scheduled to address deficit issues today, presumably outlining its causes and the dangers. And his plans for attacking the problem.

But let's hope that he does not continue to praise the recent compromise. He should acknowledge that now is not the time for major reduction in government spending. The economy needs the government to spend (wisely) to preserve jobs and increase economic activity and employment.

However, long term, much needs to be done. Taxes must be raised, particularly on those who have benefited unequally in recent years. Defense spending must be drastically reduced, Social Security must be preserved for the long run, and, above all, our costly health care system must be fixed. Medicare -for-all is the ultimate solution to rid ourselves of the private insurance middlemen, but we still somehow need to find a way to reduce the core costs of health care in the U.S.

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