The U.S. budget is bleeding red ink by the buckets. So even as we take on deficits and debts, we should look for places to trim the budget. The incoming administration should start by rolling back the Bush tax cuts for those making over $250,000 a year and by putting the ax to the most sacred of sacred cows in the federal budget: the Department of Defense.
Wall Street has yet to recover after the economic shocks of recent weeks. Why? Two problems. One we already know: The “plan,” even with revisions, is deeply flawed. The second problem has not been mentioned all that much because it’s pretty scary: Put simply, we have no idea what we’re doing.
Titus Levi, PhD, is an economist and media consultant. He is also an adjunct professor at the University of Southern California’s Annenberg School for Communications. He blogs at http://www.thatscapital.net.