My Monday column on taxes met, shall we say, with a certain amount of scepticism. I argued that Obama needs to break his promise on taxes, and raise them once the recovery is solid for middle-class Americans as well as for the rich. Many people have written comments or sent me emails that say, not always in polite terms, “What about spending?”
Fair point. Preoccupied with the debate over extending the Bush tax cuts, and confined to 900 words, I neglected to mention spending cuts. That was wrong. People who don’t read everything I write — there must be some — will be unaware that I see spending cuts as necessary too. I think both will be needed to get the long-term deficit back under control. Entitlement reform is indispensable.