Republicans and the Deficit

In a column for the Financial Times, I advise the GOP to change its self-contradictory position on public borrowing before it makes an even bigger fool of itself.

[H]ow do they retreat from their campaign positions [on fiscal policy] without being seen to climb down? My advice to them is simple: they cannot. The Republicans need to moderate their zeal to cut discretionary spending too much and too soon; they need to make the case for measured, long-term reform of Medicare and Social Security; and they need to advance tax reform that will raise revenue without pushing marginal tax rates any higher. The sooner they start climbing down the better. Otherwise, they will fall and go splat. 
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