Angus has a nice critique of Peter Orzag’s (BO’s former budget director) recent Bloomberg article.
Here’s an important point that Angus gets and Orzag doesn’t:
“Current Congresses cannot bind future ones. Sure the filibuster or veto threat can create some status quo bias, but a law saying let’s spend a bunch more right now but don’t worry, we’ll cut in 10 years in basically just a con game.”
Yes, con game indeed. Which is to say: it’s easy to buy votes when you have the Federal budget to play with.
Click over for more wisdom.