The nation needs to begin planning now to eventually bring taxes and spending in line, Federal Reserve Chairman Ben S. Bernanke said yesterday, arguing that large budget deficits, if sustained, could deepen the financial crisis and choke off the economy.
Bernanke's testimony to Congress reflected growing concern among economists and investors that the nation's long-term fiscal imbalances could stand in the way of economic recovery by driving up the interest rates that the government, businesses and consumers pay to borrow money. The rate the government pays has already risen in recent weeks.
Hey, here's an idea for fiscal discipline. Stop spending so much.
The so-called stimulus, both in terms of the Congressional park package and the massive corporate welfare bailouts have caused more harm by undermining the nation's fiscal health than any Keynsian boost they could have delivered. If you're worried about deficits, stop spending so much:
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