"We Darn Well Better Cut Spending"

By Pete DuPont, Wall Street Journal - December 31, 2012

"If we're going to raise revenue and if we're going to raise it in any form, then we darn well better cut spending, because spending is the biggest part of this problem," said Erskine Bowles, Bill Clinton's onetime chief of staff, earlier this month. The most important words in American public policy today should be "we darn well better cut spending."

Unfortunately, most of the conversations about the fiscal cliff miss this point. They center not on how much spending should decrease but how much taxes should increase. That bodes ill for America's economic growth and global competitiveness.

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