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May 25, 2012

Rabbi Yonason Goldson: Thinking About Faith
Mark Clayton: Is Hillary's State Dept. hacking Al Qaeda? Not quite
David G. Savage: Supreme Court limits protection against double jeopardy
Ashley Powers: A nightmare, then conviction is tossed
Erika Bolstad: Temple cancels Wasserman Schultz speech
Deroy Murdock: WWII hero Karski to receive U.S. Medal of Freedom
Kimberly Lankford: Health Coverage for College Grads
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
Clifford D. May: What Iran's Rulers Want
Michael Muskal: 'Pro-choice' position hits record low, according to poll
Chris Farrell: Are We in a Tech Bubble?
Kimberly Lankford: Switching Medicare Advantage Plans Mid-Year
Bryan McIver, M.B., Ch.B., Ph.D.: Mayo Clinic Medical Edge: Understanding hyperthyroidism and its variety of treatment options
The Kosher Gourmet by Penelope Wall: PHILLY CHEESE STEAKS --- hold the steak!
May 23, 2012
Ex-CIA spy in Iran's Revolutionary Guard: Baghdad talks highlight Western naivete
Tony Pugh: More private colleges offering tuition discounts
Lisa Gerstner: 4 Money-Etiquette Questions Answered
Mary Beth Franklin: How to Choose the Right Annuity for You
Art Markman, Ph.D.: Get smart: How to bulk up your creativity muscles
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
David S. Cloud and Kathleen Hennessey: Obama changes mind on Pakistan invite to NATO summit --- and then gets dissed by country's president
Warren Richey: Can US group challenge overseas surveillance act? Supreme Court to decide
Thomas M. Anderson: Walking Away From a Mortgage
Environmental Nutrition editors: The lowdown on a low-acid diet
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
James K. Glassman: 5 Stock Picks Among Online Retailers
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
Caroline B. Glick: Embracing dangerous delusions and not our friends
Steven Goldberg: 5 Great Stock Picks and the Exchange-Traded Fund that Owns Them
Janet Bodnar: How to Teach Kids to Handle Credit Cards
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
Mary Beth Franklin: Retirement Savings Tips for New Grads
Amina Khan: Research links coffee to lower death rates
Chelsea Sheasley: Social media: Is it too feminine?
The Kosher Gourmet by Faith Duran : Cheesy Potato Breakfast Casserole with Cheddar and Sun-Dried Tomatoes
May 16, 2012
Jackson Holahan: The Aleppo Codex
Jonathan Tobin : Iran Declares Victory in Nuclear Talks
Anne Kates Smith: 7 Stocks That Let You Sleep Tight
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
Dennis Prager: God and Man at (and for) Liberty
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
Environmental Nutrition Editors: Get the facts on palm sugar sweetening
The Kosher Gourmet by Kathy Hunt: Spread a Little Excitement with EXOTIC CONDIMENTS (4 RECIPES)
May 14, 2012
Richard Simon: Purple Hearts for domestic terror victims?
Nando Pelusi, Ph.D.: The privacy paradox: Surrounded by strangers, we risk isolation, anxiety
Chris Farrell: Investing Lessons from the Great Recession
Lisa Gerstner: How to Protect Your Identity, Finances If You Lose Your Phone
Harvard Health Letters: Heart disease and dementia
Tiffany O'Callaghan: New hormone mimics effects of exercise without the sweat
The Kosher Gourmet by Megan Gordon: MANGO COCONUT OAT MORNING MUFFINS are a bright but hearty delight
May 11, 2012
Rabbi B. Shafier: Why happiness will always be elusive
Charles Krauthammer: Echoes of '67: Israel unites
Howard LaFranchi: With G8 snub, US-Putin 'reset' off to stumbling start
Jeremy J. Siegel: Investors, Relax About Rising Interest Rates
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
Clifford D. May: The Real Palestinian Refugee Problem
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
Harvard Health Letters: Palliative care: Underused therapy yields surprising benefits
Jeff Bertolucci: Get Home Phone Service for Less Than $10 a Month
Rachel L. Sheedy and Susan B. Garland : Make the Right Moves to Boost Benefits
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
John Rosemond: Parents, stop destroying the American male
Valerie J. Nelson: Maurice Sendak, author of 'Where the Wild Things Are,' dies at 83
Bob Frick: Angst Over Annuities
Sharon Palmer, R.D. How you can reduce your risk -- or delay -- chronic diseases associated with aging
Howard LeWine, M.D.: Ask the Harvard Experts: Why did my blood pressure suddenly shoot up?
Lisa Gerstner: Lower the Rate on All Your Loans
The Kosher Gourmet by Emily Ho : Springtime soba with miso sauce offers a coloful mix of fresh textures and flavors
May 8, 2012
Edmund Sanders: Netanyahu suddenly cancels new elections, forms unity government
Frank J. Gaffney Jr.: Farewell to European superstate
Anne Kates Smith: 4 Stocks That Mimic Buffett and Berkshire Hathaway
Gaia Vince and Clare Wilson The Rise of Miniature Medical Robots: Fantasy Fast Becoming Reality
Paul Takahashi, M.D.: Mayo Clinic Medical Edge: Never suffer night leg cramps
Jessica L. Anderson: Extended-Warranty Warning
The Kosher Gourmet by Diane Rossen Worthington: Celebrate National Chocolate Chip Day with the Best Cookie Ever (Includes techniques)
May 7, 2012
Mark Clayton: Homeland Security warns major cyber attack aimed at gas pipeline industry underway
Angus Roxburgh: Putin Decoded: World view of a Russian feeling dissed
Kimberly Lankford: Navigate a Course for Long-Term Care
Kevin McCormally How to Adjust Your Tax Withholding
Celeste Robb-Nicholson, M.D.: Harvard Health Letters: How do you treat a Baker's cyst?
Joanne Capano: Healthy Snacks for Children: The Choices May Surprise You
The Kosher Gourmet by Penelope Wall: Classic Creamy Spinach Dip with a Fraction of the Calories and Fat
May 4, 2012
Rabbi Nathan Lopes Cardozo: Holy 'trivialities'
Jonathan Tobin: Bibi v. Barak will be no contest this time around
Steven Goldberg: Blue Chip Stocks On Sale Worldwide
Art Pine Slow Productivity Growth a Blessing --- For Now
Sue Hubbard, M.D. : The Kid's Doctor: Are Kids Too Wired?
Kerri-Ann Jennings, M.S., R.D: Foods that are good for your smile
Amy Paturel, M.S., M.P.H.: Eating Well: Foods that are good for your smile
The Kosher Gourmet by Betty Rosbottom: Strawberry rhubarb parfaits are elegant yet simple to assemble
May 3, 2012
Michael Freund: Who's Afraid of the Messiah?
Clifford D. May: The Foggiest War
Susan B. Garland: Insurance to Cover Old Old Age
Steven Goldberg 6 Reasons to Bet on a Big Bull Market
Harvard Health Letters: Treating prostate cancer --- no rush to judgment
Larry Gordon: Harvard, MIT partner to offer free online courses
Naomi Nix : Man gets free trip to Chicago after postcard sent by mother in 1957 finally reaches him
The Kosher Gourmet by Diane Rossen Worthington: Intensely Italian vegetable frittata is a seriously simple standby


Jewish World Review April 27, 2011 / 23 Nissan, 5771

He's Serious, All Right, But Not About the Deficit

By Paul Greenberg


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http://www.JewishWorldReview.com | The elephant in the room is getting harder and harder to ignore. It's not just bigger than ever, but threatens to go on a rampage that could lay waste everything around it. This particular elephant has a name: the national debt.

The neighbors who have been propping it up -- by buying the government's bonds -- can't help but notice how huge it's become, and wonder how safe they'll be once the beast gets completely out of control.

Our creditors around the world have begun to sell America short. They grow less and less confident about this country's ability to ever rein in our deficits. Soon they may demand more interest on the bonds they've been buying -- or even switch from the dollar to some other reserve currency for world trade.

Such a development would only aggravate the vicious cycle that our spendthrift ways have set in motion. More debt means higher interest rates means more inflation means a stagnant economy in which prices rise but the economy declines.

Sound familiar? Think of the Carter Years, which gave us a new word for this whole, demoralizing, debilitating process: stagflation. That specter now haunts the American economy again: Stagflation II.

The full faith and credit of the United States has been a synonym for stability ever since its first secretary of the treasury -- Alexander Hamilton -- insisted on paying off the young republic's bonds to the last penny. But what if this old republic thinks it can just go on taxing and spending and borrowing, as if the day of reckoning could be put off indefinitely?

How many times can the country's debt limit be raised, how many more dollars can be run off the printing presses before foreign investors catch on, and pull the rug out from under us? They've already started to wise up. Which is why all of us agree that it's time to finally set our fiscal house in order. (Well, all of us excepting the usual ideologues who think inflation is the universal remedy for all our economic woes.)

The president says he understands this can't go on. Hard decisions will have to be made. So, like the smooth politician he is, he's called on others to make them. It's the first resort of any leader who'd really rather somebody else did the heavy lifting: Appoint a bipartisan, blue-ribbon commission to take the heat. This one is called Bowles-Simpson after its two chairmen and, sure enough, it's come up with a whole list of steps so responsible this president isn't about to endorse them:

Cut federal spending by $4 trillion over the next decade by reducing the deficit to 2.3 percent of the Gross Domestic Product. (It's 10.9 percent this year.) Raise revenue by simplifying the tax code and eliminating loopholes, even people's favorite ones. (Uh oh. What politician would defy the powerful lobbies every loophole in the tax code soon generates?) Raise the retirement age for Social Security and lower its benefits. (Ouch!) Freeze federal workers' pay, as if they were in the private sector and had to accept salary freezes, pay cuts and furloughs. (Yikes!)

Put all of Bowles-Simpson's recommendations together and they add up to a fine start on the country's fiscal problems, which means they could also be the end of any such hope. For it would take political courage, that rarest of commodities in Washington, to adopt the committee's recommendation's intact. No wonder they just sit there gathering dust.

The president appointed the commission, but now acts as if that were quite enough. His specialty is preaching, not practice. A great one for substituting words for action, he proposes a $3.7 trillion budget for next year that substitutes platitudes for any real economies. His budget doesn't lay a finger on Medicaid or Social Security. And he's leery of messing with Medicare, too.

This president's revenue projections seem to have been put together by that well-known Washington hostess, Rosy Scenario. While he admits current policies are unsustainable, he's still trying to sustain them. The course he's adopted might be summed up as Unsteady As She Goes. In short, his is not a serious plan. Because he's not a serious man. No, that's not fair. The president is serious, just not about the deficit. What he's serious about is running for re-election.

The GOP's man on the budget is serious indeed. His name is Paul Ryan. In one of his more honest moments, Barack Obama said Mr. Ryan's approach deserved to be taken seriously. But now the president is running for re-election and can't afford that kind of candor.

Mr. Ryan is willing to risk that most politically perilous of tasks: talking sense to the American people. About no less sensitive a subject than the way we throw money around. A drunken sailor would look like a skinflint in Washington, but Paul Ryan would cut government spending to below 20 percent of the nation's Gross Domestic Product. He would raise revenue by simplifying the tax code so it applied to more earners but cut tax rates. (The top bracket for businesses and households would fall to 25 percent from the current 35 percent.) He would reform Medicare by letting people choose their own insurers, just as they do now through Medicare Advantage, while subsidizing coverage for the poorest and sickest. He would turn Medicaid into block grants for the states, so each could economize in its own way. And so responsibly on. The only thing his plan lacks is any chance of being adopted by this administration. Or maybe the country. Who wants to stop believing in a free lunch?

The particulars of Paul Ryan's plan can be debated -- which of his reforms would prove practical, which wouldn't -- but this much is undebatable: It's a serious proposal, and a courageous one in a climate in which other politicians would rather just hope for the best. If the Kennedy School of Government at Harvard awarded its Profile in Courage Award on the basis of courage rather than political correctness, it would waste no time giving this year's award to Congressman Ryan.

His plan may be politically foolhardy, but it is fiscally responsible. So the president is now attacking its author as the kind of hard-hearted Republican (or do we repeat ourselves?) who'd throw Grandma out into the snow, followed by any small children around at the time.

Unfortunately for the president, just as he was opening his re-election campaign in a coast-to-coast blitz of speechifying, those spoilsports at Standard & Poor's, the bond-rating agency, warned that the country's AAA credit rating was in jeopardy. "We believe there is at least a one-in-three likelihood that we could lower our long-term rating on the U.S. within two years," said S&P's report. It changed its outlook for government securities from "stable" to "negative." Reading the report was like getting a letter from a collection agency just as you're about to throw another big party.

The administration responded by sending out spokespersons in all televised directions to blow off S&P's warnings. But there was something hollow about all those statements; they brought to mind CEO Dick Fuld's assurances that all was well at Lehman Brothers just before it went under.

This president has a standard answer for any and all who point out the dangers to the economy posed by a national debt that has grown from huge to gargantuan on his watch: It's all George W. Bush's fault.

But the analysts at S&P, like a growing number of Americans, aren't buying it. To quote S&P's dispassionate prose, or rather dispassionate numbers, in "2003-2008, the U.S.'s general government deficit fluctuated between 2 percent and 3 percent of GDP. Already noticeably larger than most AAA rated sovereigns, it ballooned to more than 11 percent in 2009 and has yet to recover."

It's hard to argue with figures like that, but the Democrats will. There's no end to the fun to be had with numbers, and any partisan can quote them selectively. What matters just now isn't so much who's to blame for this mess but how we're going to get out of it.

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