Should the Democrats tackle deficit reduction even without Republican support? As the only party serious about governance, they don’t have much choice. But to shift the focus to deficit reduction now, while unemployment is still rising, would be economically unwise and politically suicidal. As it is, Democrats have reinstated the pay-as-you-go budget rules that Republicans abandoned and are working to ensure that new initiatives, like health care reform, don’t add to the deficit. And much of the deficit will turn around as the economy eventually recovers. But unemployment is likely to still be over 10% on election day next year. If Democrats don’t do a lot more to try to bring that figure down, the economy will still be in horrible shape and voters won’t care how much progress Democrats have made on long-term deficit reduction. Earning the praise of political pundits who see deficits as the bigger problem will be of little solace to Democratic members of Congress when they have joined the ranks of the unemployed. daggatt ☀
Thursday 26 November 2009
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