Oh, please. Washington knows exactly what to do, but won't because it destroys their chance to sop up the power that comes with handing out $700 billion. They want the credit for saving the system, even if what they are doing is actually counter-productive. What is needed is a $700 billion tax cut for those who actually pay taxes, and that the 60% of us who aren't on the public dole.
You want to see this mess end? Try this: Cut the max tax rate for personal income to 17%. Cut the corporate tax rate to 10%. (The fastest growing economy in the world right now is NOT China, it's Ireland. Do you think it's by coincidence that they have the world's lowest corporate tax rate of 12%?) If you did these two things, people's takehome pay would jump and they could plan for sustained increases in long run spending...exactly what's needed. Corporations in Europe and the Pacific Rim would bolt here in a heartbeat to set up shop and unemployment would drop like a stone.
You think Washington doesn't know these things? They do, but they would rather make Harry Reid happy with his LA-to-Vegas railroad plus all the other pork than address the real problem.
And before you start saying crap that "the tax cuts would lower gov't revenues, making the deficit even worse", read up on the Laffer Curve and the associated experience in England and India before you trot out that hackneyed excuse. The solution is simple...we just don't have enough people in Washington who aren't economic whores.
Clueless Peggy, is she really this oblivious? Another Noonan turn of phrase, ‘professional governing class’, certainly gives a peek into this moonbat’s mind. I cannot believe she actually wrote anything that RR used.