News Columns & Blogs

Is it ever the right time to raise taxes, cut spending?

There is always an excuse for why now isn't the right time to raise taxes or cut spending, commentator Fareed Zakaria noted. Regarding the current tax-cut extension debate, Zakaria wrote: "This is the wrong time to raise taxes, say the politicians. The economy is fragile, say the economists. The recovery is halting, say the pundits. In a few years, they all affirm, we will need to get our fiscal house in order. Of course, just a few years ago, the economy was doing fine, and Washington decided it wasn't the moment to worry about the deficit. Instead, over the past decade, we cut taxes, added a massive entitlement program (prescription drugs for the elderly) and spent trillions on two wars. Somehow, no matter what the economic clock says, it's never time in Washington to cut spending or raise taxes. Call it manana economics.”