A recent Wall Street Journal report says studies have shown political uncertainty may have dragged G-D-P down by three percentage points.
Eighty chief executives from major companies … including General Electric, Boeing, Verizon, Aetna, and Goldman Sachs … are urging Congress to get its act together and find a bipartisan solution to the coming fiscal cliff.
The C-E-Os are talking about “significant spending restraint” … including limiting healthcare spending, making Social Security solvent, and “comprehensive and pro-growth tax reform, which broadens the base, lowers rates, raises revenues, and reduces the deficit”.
The C-E-Os say raising taxes is unavoidable, but it must come with real spending restraint … and they are not embracing President Obama’s higher-taxes-for-the-wealthy approach.
These hard-nosed business people know what Simpson and Bowles know ... (remember them?) … that Americans must sacrifice a bit to avoid financial collapse.
I’ve been ready to do my part for several years, but no one’s had the political courage to ask.
Our thought for today is from Albert Einstein:
“The significant problems we have cannot be solved at the same level of thinking with which we created them.”