Newswise — “While federal deficits must of course be reined in down the road, the current economic recovery remains much too fragile, and productive capacity much too idle, for talk about large spending cuts to make sense. That is particularly so if cuts that target the middle class, upon whose renewed spending, a full economic recovery depends.
“If politicians judge that spending must nevertheless be trimmed sooner rather than later, then they should reverse the Bush-era tax cuts for wealthy Americans, which fueled our recent financial asset price bubbles and bust. Or, they should look to the continued drain on American wealth in Afghanistan and Iraq.” --Robert Hockett, international finance expert and professor of Law at Cornell University.
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