Our government is not programmed to think long-term. It is programmed to think in 2-year cycles. Can it be reprogrammed?
If we want to take a responsible approach to the big debt gap, Big Think's chief economist Daniel Altman argues, our leaders in Washington do need to change their way of thinking. Altman says while it would be irresponsible for Congress to kick the can down to the road, we also have time for a careful assessment of tax and spending policy with an eye to the longterm.
After all, Altman argues, as long as interest rates remain low, there is no compelling reason to introduce a series of shocks to the economy in the form of steep tax increases and budget cuts. In other words, smart government ought to take a deep breath and come up with a solution for the long haul.