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May 25, 2012
Mark Clayton: Is Hillary's State Dept. hacking Al Qaeda? Not quite
Erika Bolstad: Temple cancels Wasserman Schultz speech
The Kosher Gourmet by Ethel G. Hofman: The former president of the International Association of Culinary Professionals, whose members included the likes of Julia Child, is back with contemporary Shavous cuisine: Ruby Fruit Soup, Sweet Noodle Kugel with Cheese, Key Lime Curd, Calsone Casserole Frittata with Wild Mushrooms, Sun-dried tomatoes and Olives, Baked Tilapia with Pepper Cheese Cream and Brown Sugar Shortbread
May 24, 2012
Jeff Jacoby: The peace process battered Israel's reputation
Michael Muskal: 'Pro-choice' position hits record low, according to poll
Chris Farrell: Are We in a Tech Bubble?
The Kosher Gourmet by Penelope Wall: PHILLY CHEESE STEAKS --- hold the steak!
May 23, 2012
Tony Pugh: More private colleges offering tuition discounts
Mary Beth Franklin: How to Choose the Right Annuity for You
Tina Susman: The wig wasn't enough: Man gets 13 years for posing as his dead mom
The Kosher Gourmet by Emma Christensen:A simple way to do fish right
May 22, 2012
Warren Richey: Can US group challenge overseas surveillance act? Supreme Court to decide
Thomas M. Anderson: Walking Away From a Mortgage
The Kosher Gourmet by Megan Gordon: Enjoy a celebration of the most rich and layered flavors: Black bean, sweet potato and quinoa chili
May 21, 2012
Mark Clayton: Cybersecurity: How US utilities passed up chance to protect their networks
Howard LaFranchi: NATO summit: Who will foot the bill for long-term Afghanistan security?
Chris Farrell : Earn Dividends in Emerging Markets with This WisdomTree ETF
Stephen Whiteside, Ph.D. : Mayo Clinic Medical Edge: Social anxiety disorder --- or just shy?
Guy Jackson : Victim's father regrets death of Lockerbie bomber
The Kosher Gourmet by Mario Batali: Famed chef's veal shoulder farsumagru: A festive meat course for late spring
May 18, 2012
Rabbi Berel Wein: Striving: The People of the Book's Book for (All of) the People
Steven Goldberg: 5 Great Stock Picks and the Exchange-Traded Fund that Owns Them
Mary Pickett, M.D.: Ask the Harvard Experts: Don't be forced into gluten-free lifestyle based merely on a doctor's false-positive test
The Kosher Gourmet by Carolyn Malcoun: DIY healthy lunchbox treats: HOMEMADE FRUIT BARS for kids and brown-bagging adults alike
May 17, 2012
Warren Richey: Teacher fired for being unwed and pregnant can sue religious school, court rules
Josh Mitnick: Netanyahu's 'centrist' coalition is already proving it's anything but
Steven Goldberg: Earn Dividends in Emerging Markets with This WisdomTree ETF
Amina Khan: Research links coffee to lower death rates
The Kosher Gourmet by Faith Duran : Cheesy Potato Breakfast Casserole with Cheddar and Sun-Dried Tomatoes
May 16, 2012
Carmen Terzic, M.D., Ph.D. : Mayo Clinic Medical Edge: A variety of exercises can help improve balance
Melissa Healy: National strategy on Alzheimer's disease aims to halt it by 2025
The Kosher Gourmet by Joyce White : GOODNESS GRACIOUS: GREENS! 4 winning recipes that are no longer just for down-home folks (Includes expert tips & techniques)
May 15, 2012
Kristen Chick: Obama administration resumes arms sales to Bahrain despite serious unresolved human rights issues. Activists feel abandoned
Pat Mertz Esswein: Homes are now affordable again and mortgage rates are low. What you need to know before you buy
Kathy Kristof: Our Practical Investor Fights Inflation with These 6 Investments
Sue Hubbard, M.D.: The Kid's Doctor: Lactose intolerant young child? Check again
The Kosher Gourmet by Kathy Hunt: Spread a Little Excitement with EXOTIC CONDIMENTS (4 RECIPES)
May 14, 2012
Lisa Gerstner: How to Protect Your Identity, Finances If You Lose Your Phone
Harvard Health Letters: Heart disease and dementia
The Kosher Gourmet by Megan Gordon: MANGO COCONUT OAT MORNING MUFFINS are a bright but hearty delight
May 11, 2012
Jessica L. Anderson: Get the Best Deal on a Used Car
Jett Stone: Forget face-lifts and fake knees. Scientists have seen the fountain of youth --- and it's broccoli
The Kosher Gourmet by Chef Mario Batali: The famed chef's vegetable dish that tastes true to the season: FAVAS AND SUGAR SNAP PEAS WITH POTATOES AND TARRAGON
May 10, 2012
Sergei L. Loiko: Putin sends warning to U.S., NATO in Victory Day speech at Red Square
Mary Rourke: How being a 'mentch' got Vidal Sasoon his start and fighting in Israel's War of Independence provided him with confidence and a strong sense of his own identity
Jeff Bertolucci: Get Home Phone Service for Less Than $10 a Month
The Kosher Gourmet by Betty Rosbottom: Gleaming with its golden, crimson, and snowy white hues, this silken smooth and creamy STRAWBERRY ORANGE TRIFLE looks impressive, but is easy to prepare
May 9, 2012
Sharon Palmer, R.D. How you can reduce your risk -- or delay -- chronic diseases associated with aging
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Jewish World Review
Nov. 25, 2008
/ 27 Mar-Cheshvan 5769
Stimulus if need be, but consider debt
By
William McKenzie
http://www.JewishWorldReview.com |
A new stimulus package looks iffy before Congress adjourns this year, but President-elect Barack Obama clearly wants one after his inauguration.
The truth is, with the retail and manufacturing sectors joining the list of declining industries, there's a case to be made for Washington trying again to stimulate the economy. Public works jobs will have only limited benefit, but those of us in the deficit-hawk camp need to stay flexible about priming the pump. Getting out of our financial hole is a greater worry than watching budget deficits race toward $1 trillion because of the pump priming.
But there must be a trade-off if Washington goes back down the stimulus path. In return for layering on more debt, which a stimulus package would do, the new president and Congress simultaneously should create a commission to work on America's addiction to debt.
I must confess this debt talk sounds awfully puritanical. Mr. Obama's inauguration represents one of the most important shifts in American culture. Bringing up the debt right now is like being the guy at the wedding who wants to know how much the reception costs.
But somebody has to ask questions. We can't keep adding more debt without encountering problems.
China and other purchasers of our treasury offerings, which we issue to finance our annual deficits, easily could look at future offerings and say no thanks. They reasonably could see America as a bloated thoroughbred that's ultimately the wrong horse to bet on.
Some numbers may better make the point: As I have noted in recent columns, the federal debt is on track to grow to $53 trillion, which translates to about $455,000 per household.
To be clear, that figure is 10 times the median annual income of the average household. And before you think, "Well, let's just wipe out the Bush tax cuts, end spending for our two wars and get rid of every earmark," those actions would get us only 16 percent of the way toward wiping out that $53 trillion monster. (For more information about the federal debt, go to the Peter G. Peterson Foundation site at www.pgpf.org.)
A word here about deficits vs. debt. Deficits record only yearly excesses in spending; the debt is the accumulation of all of our deficits. That's the figure we owe creditors, and it's racing out of control because of the cost of entitlement programs.
Hence, the need for this commission to start with Medicare. The unfunded promises to our health care system for seniors run up to $34 trillion. And the bills will arrive soon. Medicare's hospital trust fund runs out of cash in a decade.
Michael Leavitt, the health and human services secretary, is one who wants to reform Medicare in the way Congress once shut down unnecessary military bases. A bipartisan commission suggested a list of base closures to the president and Congress. They could approve or deny the list, but if they turned it down, a pre-determined number of bases automatically shut down.
Mr. Leavitt and others, including John McCain, envision something similar for Medicare. A commission would present President Obama and Congress reforms to keep Medicare solvent. If they reject the list, a backup set of reforms goes into place.
Fortunately, some members of Team Obama get the need for something like this. His economic Sherpa, Paul Volcker, was among the economic and political heavyweights who signed a two-page New York Times ad in September that drew attention to the federal debt. Their recommendations included a "fiscal responsibility commission."
Here's hoping Mr. Volcker persuades Mr. Obama to link our current financial problem with the one that awaits us. Here's hoping Washington focuses as much on getting us out of debt as it does on revving up the economy.
Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.
William McKenzie is an editorial columnist for The Dallas Morning News. Comment by clicking here.
11/07/08: Can Obama find the center?
10/14/08: The next, bigger bailout is Medicare
10/02/08: McCain would be wiser on regulation
08/27/08: Can Obama score among values voters?
08/20/08: McCain needs to push health care edge
08/06/08: How Bush can help McCain
04/09/08: To win, McCain must take his party in a bold, daring direction
03/26/08: To win, McCain must take his party in a bold, daring direction
01/30/08: Finally, Bush speaks up for relevancy
01/24/08: After Bush, who's going to crusade for education?
12/20/07: Candidates who prey on fears may generate votes at this moment in our cycle, but we really need to think hard about how far inward we turn
10/30/07: Is America building an empire? That is a central question for the next presidents
08/28/07: Don't let Gonzales' record taint all Bush appointees
08/16/07: Rove was half right: He got the big picture, but didn't belong in the White House
02/01/06: GOP needs changes, but it can't forget the big picture
03/31/05: Mexico fixes problems when it wants to
12/06/04: Bush's new team has a Texas feel
11/08/04: Second chances shouldn't be wasted
08/25/04: Bush could profit from being like Ike
© 2008, The Dallas Morning News Distributed by McClatchy-Tribune Information Services.
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