The Corner

The Real Fiscal Cliff

From my most recent NRO article, on the current budget dispute: “If a Damascene bolt of lightning galvanizes the incumbent president and he, even after all the false starts, makes a comprehensive compromise proposal for entitlement reform — including a radical overhaul of Obamacare, stretching out entitlements to correspond to actuarial expectations and means-testing the payments, keeping income taxes down but closing down some of the free rides and raising sales and transaction taxes on non-essential spending, and tax-incentivizing work that adds value and does not just indulge society’s self-important disdain for work in primary and secondary industry — he will be acclaimed as the transformative president he seeks to be and his party will reap the benefit for years to come. If he holds to his indicated course, though, America will hit the wall and the Republicans will be asked to implement the program Obama should enact now.”

Whether you agree or disagree, your comments are, as always, most welcome.

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