The Similarities Between America’s Economic Mess and Europe’s
Posted By: floppingaces      1/5/2013 6:39:02 PM
Flopping Aces, by Curt
Original Article

the temporary fix ignored America’s underlying fiscal problems. It did nothing to control the unsustainable path of “entitlement” spending on pensions and health care (the latter is on track to double as a share of GDP over the next 25 years); nothing to rationalise America’s hideously complex and distorting tax code, which includes more than $1 trillion of deductions; and virtually nothing to close America’s big structural budget deficit. (Putting up tax rates at the very top simply does not raise much money.)