Over at Hot Air, a fantastic piece came out today regarding the different solutions governments are seeking to deal with looming and deepening debt crises. The author, Karl, contrasts the examples of Wisconsin and Connecticut — deep cuts and reform vs a balanced approach, respectively. The difference in the results of each type of debt solution are striking. The author then draws on other instances of failure resulting from a “balanced” approach (tax hikes and spending reduction)to show this type of solution is untenable in our current economic climate.
The article is a must-read in its entirety. The last paragraph sums it up nicely.
The common thread is the establishment’s ideologically extreme insistence on center-left compromises. Center-left government is at the heart of most of the crises America currently faces; it is at the heart of the budgetary crises here and in Europe. People like Brownstein see them as a virtue, despite their track record of failure.