Other views: Tril­lion dol­lar deficits the new nor­mal?

USA TODAY International Edition - - NEWS / OPINION -

Stan Col­len­der, Forbes:

“He’s not go­ing to be in of­fice when they start to hap­pen, but Paul Ryan’s most last­ing legacy as speaker of the House will be as the per­son who en­abled per­ma­nent tril­lion dol­lar deficits. ... Ryan not only made all this hap­pen, he is tak­ing a great deal of sat­is­fac­tion from hav­ing done it. He specif­i­cally cited the tax bill ... as one of his proud­est ac­com­plish­ments.”

Martin Neil Baily, Ja­son Fur­man, Alan B. Krueger, Laura D'An­drea Tyson and Janet L. Yellen, The Wash­ing­ton Post:

“The pri­mary rea­son the deficit in com­ing years will now be higher than had been ex­pected is the re­duc­tion in tax rev­enue from last year’s tax cuts, not an in­crease in spend­ing . ... The main en­ti­tle­ment pro­grams are So­cial Se­cu­rity, Medi­care, vet­er­ans ben­e­fits and Med­i­caid. These widely popular pro­grams are in­deed large and pro­jected to grow as a share of the econ­omy, not be­cause of in­creased gen­eros­ity of ben­e­fits but be­cause of the ag­ing of the pop­u­la­tion and the in­crease in econ­o­my­wide health costs . ... Ad­vo­cacy of pay­ing for large tax cuts with en­ti­tle­ment re­duc­tions would take the United States in the wrong di­rec­tion.”

Veronique de Rugy, Rea­son:

“Though it's a shame that law­mak­ers passed tax cuts with­out cut­ting spend­ing to off­set short-term losses in rev­enue, there’s no doubt that So­cial Se­cu­rity and Medi­care deficits are al­most en­tirely to blame for our im­pend­ing debt cri­sis. It’s time to wise up and re­form these pro­grams.”

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.