On February 16th I posted a blog suggesting that individual citizens needed to read the “Simpson-Bowles Plan” which is a deficit reduction plan. It was written by the National Commission on Fiscal Responsibility and Reform. It has largely been ignored by the Administration.
This morning economist Ed Yardeni expresses his positive view on the Simpson-Bowles Plan. Here is a synopsis of what he said:
“I am a big fan of the Simpson-Bowles Plan. It would broaden the tax base by eliminating $1 trillion in annual tax expenditures(a.k.a. loopholes) and use the savings to slash marginal tax rates, and it would still achieve significant deficit reduction.”
With many of the tax cuts expiring in 2013, Harvard economics professor Martin Feldstein worries that these tax hikes could threaten the U.S. with another recession.
Read the Simpson-Bowles plan and let it inform your view of the necessary steps that will be needed to begin to reduce our deficit.