-Investor’s Business Daily, July 19, 2010 by Jed Graham
http://bit.ly/bTznlV
Alan Auerbach argues that debt levels are still manageable enough that it makes sense to give the economy more running room to solidify the recovery before embracing austerity. “I think the best strategy—which is not one that is politically likely—is to not worry so much about the short-term debt accumulation, but to take very forceful action” to address long-term deficits tied to health care spending and Social Security,” Auerbach said.
-The Wall Street Journal, Real Time Economics Blog, July 24, 2010 by Mark Whitehouse
http://bit.ly/dbCMvG
Messrs. Auerbach and Gale estimate that the government needs to increase tax revenues or cut spending by as much as 9% of economic output to put its finances on a sustainable trajectory.