The Obama Administration has set a record on spending. Somehow they have had the belief that they wouldn’t have to increase taxes to pay for the spending. All along I’ve said that’s nonsense. It appears that everyone except the current Administration has come to that conclusion.
Even the left-leaning New Republic agrees. William Galston notes:
The conclusion is inescapable: to accomplish over the next decade what Treasury Secretary Geithner promised yesterday in Beijing, we will need a combination of spending restraints and revenue increases going well beyond what anyone has put on the table so far. The more imponderable question is how long it will take the political system to acknowledge this uncomfortable reality.
Yes, change you can believe in….