Wednesday, November 10, 2010
Erskine Bowles and Alan Simpson reveal their budget plan
Erskine Bowles and Alan Simpson unveiled their plan to cut the budget deficit. To protect the economic recovery, none of the deficit reduction takes place next year. In INDB, I put the phrase “Shock And Awe” in the notes for this article. My government must have wanted me to write that. Apparently, they didn’t like the plan. Actually, I don’t like the plan either (I would rather see America reduce military spending, tax capital gains and dividends as ordinary income, lower the gift tax exemption, etc.). But my government probably disapproves of any plan that would force them to reduce the deficit, as that would impinge on our growth.