Our Economy Stinks, But at Least We Get to Be Fiscally Responsible!
Fareed Zakaria sees a silver lining in our economic woes. Individuals, the feds, and, yes, state and local governments, will suddenly have to show some ...
Fareed Zakaria sees a silver lining in our economic woes. Individuals, the feds, and, yes, state and local governments, will suddenly have to show some fiscal restraint.
Amid the financial chaos and economic uncertainty that has rocked world
markets, I can see one silver lining. This crisis has forced the United
States to confront the bad habits it developed over the past few decades.
If we can kick those habits, today's pain will translate into gains in the
But the average American's behavior was virtuous compared with government
behavior. Every city, county and state has wanted to preserve its
proliferating operations yet not raise taxes. How to square this circle? By
borrowing, using ever more elaborate financial instruments.
Somehow, I can imagine a lot of elected officials (who don't tend to like to raise taxes or cut spending) responding, "That is the good news!?!"
Join the Discussion
After you comment, click Post. You can enter an anonymous Display Name or connect to a social profile.
Heroin Overburdening State Foster Care Systems17 hours ago
Health Care Costs More in Areas Where Large Doctor Groups Dominate17 hours ago
Memphis Mayor Loses Re-Election to Councilman20 hours ago
New Jersey Uses Eminent Domain Against One of Its Own Beach Towns21 hours ago
Lawmakers Finally Learn How to Talk About Pot21 hours ago
Obama Signs Health Law Change to Help Medium-Sized Businesses1 day ago