Americans believe in second chances. The oral arguments before the Supreme Court last week were a rare opportunity to dispassionately re-examine the divisive healthcare debate of two years ago. What happens if, after the smoke clears, we get a second chance at healthcare reform?
The Great Debate
It was said of Andrew Carnegie that he gave money away as quietly as a waiter falling down a steel staircase carrying a tray of tall-stemmed glasses. Not so the sotto voce superrich donors who are spending so much to keep Mitt Romney from declaring himself the winner of the Republican nomination.
This week, House Budget Committee Chairman Paul Ryan released what amounts to the most substantive roadmap for fiscal policy that any Republican is likely to offer in 2012. Many political pundits and policy analysts, especially those on the left, are eager to dig into the details to alert the public about the potential (negative) impacts of a budget that slices off $5 trillion in total federal spending compared with the plan offered by President Obama in February.
By now the facts are well-known: Trayvon Martin was a 17-year-old young black man who, on Feb. 26, 2012, was walking home from a 7-Eleven in Sanford, Florida, with a bag of Skittles and a bottle of iced tea. George Zimmerman, a neighborhood watchman of white and Latino heritage, though advised by police not to pursue Trayvon himself, got out of his car carrying his 9-millimeter handgun. Allegedly after some confrontation, Zimmerman shot Trayvon dead.
Headlines over the past couple of weeks have been dominated by reactions to President Obama’s new proposal for corporate tax reform. The optimism stems from the realization that practically all the major plans by Democrats and Republicans would move the U.S. tax code in the direction of a territorial-based system (in which a corporation is taxed on domestic, not foreign, income). Moreover, these plans all accept the premise that to make the U.S. code more competitive globally, the tax base must be broadened, and that means cutting deductions and preferences in exchange for lowering the top-line rate (i.e., down to between 25 percent and 28 percent from today’s 35 percent rate).
from Lawrence Summers:
However the U.S. presidential election turns out, the trifecta of the Bush tax cut expiration, the debt limit ceiling on the horizon once again, and the Congressionally mandated sequesters – cuts in domestic spending – will force the president and Congress to wrestle with fiscal issues either in a lame duck session after the election or in early 2013. The decisions they make will have profound impacts on America’s fiscal future.
The state of the union, fiscally speaking, is perilous. Despite record deficits and dire warnings from Europe as to the consequences of sustained fiscal imbalance, our leaders have been unable to find common ground. The Simpson-Bowles Commission in 2010, the Gang of Six last summer and the misnamed Super Committee of this past fall were all bipartisan efforts to cut through the Gordian knot of budgetary gridlock. And all of them failed. Miserably.
Newt Gingrich and Mitt Romney, although they spend a lot of time these days at one another’s throat, appeared on the night of the South Carolina primary to agree on at least one thing: Each believes in “American exceptionalism,” and, they say, Barack Obama does not. Gingrich has already devoted an entire book to the topic, and in an interview with my colleague David Rohde, a top foreign policy adviser to Romney made it clear that American exceptionalism is a theme that Romney intends to stress throughout the campaign.