Jonathan Rauch Calls for Simpson-Bowles
In yesterday's Washington Post, Jonathan Rauch writes that President Obama should propose a bill, that would among other things, tackle long-term debt reduction. That plan, as the title of this post would indicate, is Simpson-Bowles. He explains:
The easiest and best way [to reduce the debt] is to adopt the Simpson-Bowles deficit plan. The Simpson-Bowles commission’s recommendations have been established as a credible bipartisan solution. Adopting its plan outright would signal that Obama is not playing partisan games and would redress the (justified) criticism that he has finessed the deficit. Not least, Simpson-Bowles compares favorably on grounds of balance, economic plausibility and public appeal with the budget of Rep. Paul Ryan (R-Wis.), which Romney endorsed.
In addition, Rauch calls for another short-term stimulus and a two-year extension of the debt ceiling, hoping that these would boost the economy and prevent a repeat of the disasterous debt ceiling debate. While Rauch admits it might not have a chance to become policy before the election, it could set the tone for Congress that the Adminstration is determined to see this issue through.
We are going to need leaders from both sides in order to push a plan like Simpson-Bowles through Congress, and it would be great to see more politicians take ownership of the issue. Only then do we have a chance to finally get our debt situtation under control.