Sunday, June 19, 2011
Fareed Zakaria This Morning
Excellent show. David Stockman and Robert Reich debated what path we need to take right now. Stockman advocated austerity, Reich wants to see massive stimulus. They both made compelling cases. We really need a little of both approaches: a massive infrastructure stimulus - perhaps $2T over three years - and tax and entitlement reform that will raise revenue and reduce spending as a percentage of GDP. We can spend & borrow more now if we have a credible program to balance the budget (and begin paying down the debt) in less than ten years. Not twelve, twenty or thirty years. Under ten.