Tom Friedman’s latest NY Times OPED on the US presidential race is worth the time. Nice to see some adult thoughts for a change. See: Voters, You can have everything!:
“Not only do the tax-cutting plans offered by the leading Republican candidates create eye-popping deficits, but some Democratic tax hike proposals don’t quite add up, either. As the Washington Post economics columnist Robert Samuelson reported last week, a Brookings Institution study found that even if the top income tax rate were increased to 50 percent from 39.6 percent, it would cover less than a quarter of the deficit for the 2015 fiscal year, let alone generate funds for increased investment.
If we want to invest now in more infrastructure — as we should do — and make sure we don’t overburden the next generation to pay for all the retiring baby boomers, something will have to give, or as Samuelson put it: “If middle-class Americans need or want bigger government, they will have to pay for it. Sooner or later, a tax increase is coming their way. There is no tooth fairy.”
And finally, with carbon dioxide levels in the atmosphere having just reached heights not seen in millennium, if we want to “manage the unavoidable” effects of climate change and “avoid the unmanageable” ones, it will surely require a price on carbon — soon.
So enjoy the fun of this campaign while it lasts, because the next president will not be governing in poetry or prose or fantasy — but with excruciating trade-offs. The joke is on us.”