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Paying, Going

Normally, I'd make a big deal out of Barack Obama holding a press conference to loudly announce his support for PAYGO rules. But health reform and financial regulation have sort of taken this blog over in recent weeks. Luckily, Tim Fernholz has written a nice post on the subject, and he includes an interview with Jim Horney, a budget expert at the Center for Budget and Policy Priorities who I, like, totally heart. So go read.

By Ezra Klein  |  June 11, 2009; 1:01 PM ET
Categories:  Budget  
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Comments

As the link demonstrates, Pay-Go is not an effective mechanism for dealing with runaway deficit spending. President Obama can demonstrate his willingness to confront the long-run fiscal balance by either creating new federal revenue creating institutions (like a VAT) or taking measures to decrease excessive senior benefits.

I don't expect him to do either, because it is of course politically difficult to cut spending or broadly raise taxes. Thus, I expect more gimmicks like this one.

Posted by: Dellis2 | June 11, 2009 1:32 PM | Report abuse

I just raised the annual deficit to two TRILLION dollars and all I got were these cool PATGO buttons.

Is this not the biggest joke you ever heard.

I mean its not as good as Lettermans, lets r-pe the 14 year old joke, but for a liberal, what do you expect.

Posted by: Singer4321 | June 11, 2009 2:02 PM | Report abuse

But what if he's crazy?

http://tinyurl.com/l7o2hr

Posted by: ElViajero1 | June 11, 2009 2:02 PM | Report abuse

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