(Community Matters) On President Obama’s plan to cut $3.6 trillion from the deficit
The New York Times Editorial: This time, President Obama did not compromise with himself beforehand, or put out a half measure in hopes of luring nonexistent Republican support. This time, he issued an unabashed call for economic fairness in cutting the federal deficit, asking as much from those on the economy’s upper rungs as from those lower down whose programs may be trimmed. . . . . For once the president did not let that predictable line of argument stop him, and even had a good rejoinder: “This is not class warfare. It’s math. The money is going to have to come from someplace.” It could come from the middle class, from the elderly and the poor, by asking them to give up benefits from programs like Medicare, Medicaid and food stamps — as many Republicans are advocating. It could come by pulling money from road building, schools, food inspection and other vital government services.
I’m not unsympathetic with my friends who’ll be crestfallen by the President’s practical and ideologically driven proposal. But, when the ideology is that the wealthiest Americans & corporations should share in the costs of eliminating our deficit, this is an ideology worth fighting for. Let’s not forget, there will be several dollars of cuts for every dollar of new taxes, and we’re in this mess because we previously cut taxes during a time of two wars and the introduction of the most expensive new entitlement program in decades (the prescription drug program approved in 2003). David Brooks speaks for those who’ll be disappointed that the President’s plan didn’t assume the Republicans would come to the table in good faith.
earlier posting on contributors to deficit