BUSINESS INSIDER: …In almost any op-ed extolling the wisdom of the Simpson-Bowles plan, it’s pointed out that we’re going to need to take some pain. Obama has said that the Federal Government needs to tighten its belt, which is something that is painful. Conservatives say the government needs to go on a diet. Diets are painful. A recent USA Today headline was very standard: “Nation’s soaring deficit calls for painful choices.”
It’s understandable why the pain metaphor is so popular. One, it’s logical to think that the answer to big deficits is cuts, and cuts are painful. More importantly, it appeals to an innate sense that pain is frequently a long-run redeeming thing to experience. You go to do Crossfit, and you feel pain. But then pretty soon you’re a beast that’s never felt better. Some religious people used to mutilate their own flesh to show proper respect to The Lord.
So this is just a popular idea: Take the pain now, be redeemed.
The good news is that in economics and when talking about the deficit it doesn’t need to work that way! Fixing the debt is painless! … (more)
EDITOR: Where it not for ideological ignorance and political opportunism, we would have increased federal spending two years ago and by now be back to 3 1/2% to 4% growth in Gross Domestic Product. We urge doubters to read the entire article and then decide.
