We have wasted an enormous amount of time debating the merits of austerity versus deficit spending as a way of restoring our economy. That is the either/or "logic" of conservative "thought." There are only two ways of doing anything, and the conservative way is always "right" (well, always extremely right, anyway) for reasons that overlook reality and focus on the need to line the pockets of conservatives.
But, unfortunately for conservatives (and happily for everyone else), reality is always much more complicated. There is a third way: raise taxes AND balance the budget. I've been preaching this gospel for the past four years in this blog. It's a shame that it's taken someone this long to catch up with me, but I'm glad it finally happened.
The article would be a lot stronger if, in addition to its economic points, it had something to say about the moral imperatives of raising taxes in our present circumstances--not only that taxes are the Holmesian price for civilization, but also that it is the equivalent of welfare reform for the 1%, by forcing the wealthy to put their excess capital for work, in ways that benefit everyone. Even them.
But this is a start. Let's hope others can build on it.
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