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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
Oct. 7, 2010/ 29 Tishrei, 5771
Sumo wrestling with deficits
By
George Will
http://www.JewishWorldReview.com |
Rep. Jeb Hensarling, the four-term Texas Republican, hopes it is true that, as has been said, Americans invariably do the right thing -- after exhausting all the alternatives. Regarding the fiscal imbalance that is driving the national debt toward 90 percent of gross domestic product, Americans are running out of alternatives.
Remember, deficits are supposed to add $8.5 trillion to the nation's debt in this decade. This is the plan -- based on an optimistic assumption of 10 years of 3.4 percent economic growth. This year's second-quarter growth rate was half that -- 1.7 percent.
President Obama established the 18-member National Commission on Fiscal Responsibility and Reform, on which Hensarling serves, with, he says, "high hopes and low expectations." Thus far, Hensarling doubts that the commission is a "stalking horse for a VAT" -- a value-added tax, essentially a national sales tax. He is, however, agnostic about whether the president's purpose in creating the commission was to enable Democrats to tiptoe past next month's elections without talking about deficits.
The commission is not, Hensarling thinks, "well designed for success." Two-thirds of its members were appointed by Democrats, and any recommendations must be supported by 14 members, meaning a minimum of two Republican appointees.
The commission's co-chairman, Erskine Bowles, former chief of staff to President Bill Clinton, has suggested that the commission should endorse balancing federal revenue (it has averaged 18 percent of GDP over the past 30 years) and outlays at 21 percent of GDP. Republicans could embrace this because spending is now 25 percent and, under current law, on reasonable assumptions, will reach 35 percent by 2035.
Hensarling says Bowles has been fairly successful in getting the commission members to accept "a similar set of facts," less so concerning goals. The commission's deliberations so far have, he says, resembled sumo wrestling -- there has been much staring at one another and the problem, "but the moment of contact has not arrived."
The commission's near-term mandate is to propose recommendations designed to balance the budget by 2015 -- excluding debt service. That is no mean exclusion: Interest on the debt is projected to be $739 billion in 2015.
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If this is all the commission does, Hensarling says, it may do more harm than good because it will take the focus off the need to address the long-term structural debt caused by the big three entitlements.
Fixing Social Security's approaching insolvency is, Hensarling says, "child's play" compared with dealing with Medicare and Medicaid, the primary drivers of the government's fiscal imbalance. Democrats, however, must pretend that they and Obama have fixed health care.
The commission could ensure Social Security's solvency for at least another generation by quickly raising the retirement age to 68 (it is being raised in imperceptible increments to 67 by 2027) and by indexing benefits to inflation rather than to wage increases. Of course, Hensarling says, any changes will "grandfather the grandparents."
The commission's other mandate is to recommend measures "that meaningfully improve the long-run fiscal outlook," including the gap between projected federal revenue and expenditures, particularly regarding entitlement programs. A "road map" to fiscal responsibility written by another commission member, Rep. Paul Ryan (R-Wis.), does that. But Hensarling is one of only 13 co-sponsors. The other 164 House Republicans flinched. They fear, not without reason, that voters are ideologically conservative but operationally liberal -- that voters' cognitive dissonance makes them ardently in favor of shrinking the deficit and as ardently opposed to any measures commensurate with the problem. Keynesian economics gave government an easy conscience about doing what it has a metabolic urge to do: spend. The theory was that developed industrial economies tend to save too much, causing the underutilization of labor and capital. Therefore government spending must compensate. Hence deficits can be virtuous and do become routine.
But Hensarling says that "judging from my 1/435th of the nation" -- he represents part of Dallas, plus some suburbs and rural areas -- the people have never been more alarmed about deficits. Not even in 1992, when another man from Dallas, Ross Perot, made deficit reduction the rationale of his presidential campaign, which netted 19 percent of the vote.
Today's anxiety is one reason why, when the commission reports in December, the lame-duck session of Congress will contain many zombie members -- politically dead but still ambulatory. Having no political future, they may have the gumption to do difficult things but, having been repudiated, will lack the requisite legitimacy.
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.
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