As the national debt balloons, the deficit hawks have swooped in again, crying for “fiscal responsibility.” According to C. Fred Bergsten of the Peterson Institute for International Economics, that means restricting or cutting spending on “entitlements”: Medicare, Medicaid and Social Security, and imposing a national consumption tax.
And now President Obama has heard their cries–and proposes to freeze discretionary spending–except for the military!
The hawks’ concern is justified. But their policy conclusions don’t follow.
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