New York Times (July 15)
The U.S. keeps “blundering toward recession” and haggling over the debt limit is only part of the problem. The deficit is a serious, but not immediate, problem. “It can be solved over time, with spending cuts and tax increases, as the economy recovers.” The immediate problem is job creation. “It is time for the government to step up. If it doesn’t, the weakening economy is bound to become even weaker.”
New York Times (June 24)
The price of corn has more than doubled in less than a year. Much of the blame lies with subsidies for ethanol, which now consumes 40% of the corn crop. “Washington has managed simultaneously to help drive up food prices and add tens of billions of dollars to the deficit, while arguably increasing energy use and harming the environment.”
Washington Post (December 19)
Washington needs to get its fiscal house in order during 2011. Lawmakers need “to consider raising tax revenue even in the context of spending cuts.” The Post points out that ignoring the mounting deficit until after the 2012 election should not be an option. “Delay will only make the eventual solution more painful and more costly.”
Washington Post (November 26)
Sheila Bair fears the next big crisis will start in Washington. The “explosive growth in federal borrowing” is the cause of the FDIC Chairman’s fears. “Federal debt has doubled in the past seven years, to almost $14 trillion” or 62% of GDP. That means each American household shoulders over $100,000 in federal debt. Bair says the deficit needs to be cut before the U.S. wakes up to a new crisis.
Financial Times (July 8)
The year has been disappointing in terms of taking action against the serious threat of climate change. The Financial Times, however, promotes a twin opportunity. Governments can both repair their budgets and the climate. “As treasuries look for ways to raise more revenues, climate change activists should make the case for green taxes.”
Tags: Climate change, Deficit, Government, Tax
