It's time for Democrats to accept spending cuts

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A growing number of Republican lawmakers are expressing an openness to increasing tax rates as part of a “fiscal cliff” deal. Now it is Democrats’ turn to put spending cuts on the table, according to Sebastian Mallaby.

“Precisely because the election has buoyed Democrats, most seem unwilling to restrain health and pension costs. Given that these will swamp tax policy in the long run, this is a ruinous error…  the trouble with higher taxes is that they are not enough to plug the deficit… Federal health and pension promises cost 10.4 per cent of GDP today; the CBO projects that they will cost 16.6 per cent in 2037. No plausible tax rise can offset that leap. If Mr Obama cares about his legacy, he must acknowledge this arithmetic.”

Via The Wonk Wire.

Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida’s most influential new media websites, including SaintPetersBlog.com, FloridaPolitics.com, ContextFlorida.com, and Sunburn, the morning read of what’s hot in Florida politics. SaintPetersBlog has for three years running been ranked by the Washington Post as the best state-based blog in Florida. In addition to his publishing efforts, Peter is a political consultant to several of the state’s largest governmental affairs and public relations firms. Peter lives in St. Petersburg with his wife, Michelle, and their daughter, Ella.