US Treasury Secretary Timothy Geithner told our audience at the Council on Foreign Relations (CFR) yesterday that the Republicans are now seeing the political fallout from budget proposals that provide tax breaks for the rich while placing undue burdens on the poor and middle class. “They cannot defend it, and they’ll eventually move away from it," he said.
The “it” here are the most Draconian aspects of Congressman Paul Ryan’s GOP budget, such as the proposed Medicare voucher plan for Americans under 55 years old. Geithner said that “the politics are heavy now, very hard.” And they’re getting harder it seems for Republican Congressmen returning to even safe GOP districts now plagued by pushback against their ill-formed thinking. Some of Ryan's thinking can be refreshing, but his doctrinal blindness has him otherwise stumbling around in some pretty messy political corners.
Geithner called the reckless U.S. deficit and debt condition “completely unsustainable.” Obviously, but certain folks aren’t getting the message. CFR President Richard Haass has labeled the national debt disgrace a “war of necessity,” and it’s far more of a strategic imperative than wars in Libya, Afghanistan, and Iraq. Yes, everything should be on the table right now to deal effectively and appropriately with this historic fiscal mess. That starts with two blindingly obvious lessons from the not-too-distant past. First, needless wars of choice are hideously expensive propositions, measured in terms of strategic, human, financial, and opportunity costs. Second, “trickle-down economics” didn’t work then and it won’t work now. It’s time to get serious about asking the most privileged among us to step up to plate, put greed aside, and work for the common good. Otherwise, the math will never add up.
The “it” here are the most Draconian aspects of Congressman Paul Ryan’s GOP budget, such as the proposed Medicare voucher plan for Americans under 55 years old. Geithner said that “the politics are heavy now, very hard.” And they’re getting harder it seems for Republican Congressmen returning to even safe GOP districts now plagued by pushback against their ill-formed thinking. Some of Ryan's thinking can be refreshing, but his doctrinal blindness has him otherwise stumbling around in some pretty messy political corners.
Geithner called the reckless U.S. deficit and debt condition “completely unsustainable.” Obviously, but certain folks aren’t getting the message. CFR President Richard Haass has labeled the national debt disgrace a “war of necessity,” and it’s far more of a strategic imperative than wars in Libya, Afghanistan, and Iraq. Yes, everything should be on the table right now to deal effectively and appropriately with this historic fiscal mess. That starts with two blindingly obvious lessons from the not-too-distant past. First, needless wars of choice are hideously expensive propositions, measured in terms of strategic, human, financial, and opportunity costs. Second, “trickle-down economics” didn’t work then and it won’t work now. It’s time to get serious about asking the most privileged among us to step up to plate, put greed aside, and work for the common good. Otherwise, the math will never add up.