The Wrong Deficit
Although you can hear every politician talking about the budget deficit, nobody seems to be talking about the one deficit that really matters: jobs.
Every budget deficit plan revolves around one of two solutions: raising taxes or cutting services. The so-called “bold” politicians manage to talk about both. But nobody seems to realize that long-term, sustained job growth will shrink the deficit more than any other solution.
Just cutting services will lead to lower jobs, as we neglect investments in infrastructure, education, job training, and innovation. Higher taxes will lead to smaller workforces. The underlying problem of the budget deficit is that we don’t have enough people working in middle-class jobs, paying taxes, and cycling their wages through the economy. It’s quite simple: if the economy grows, the budget deficit will shrink.
Despite these obvious facts, not a single policymaker in Washington seems to have a clue about a “Jobs Agenda.” We can neither cut nor spend our way to prosperity. It’s time to put Americans back to work. It’s time for a National Manufacturing Strategy.
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