A Plan For Ending This Depression
Step 1. Abolish the debt limit
Deficit hawks hold the debt limit hostage and say they won’t raise it unless government spending is cut. For this reason alone, the debt limit has got to go.
Step 2. Close our infrastructure deficit
Our infrastructure is in dire need of repair and over ten million Americans are in dire need of work. Government spending to both make safe our dangerous infrastructure and reduce unemployment is the height of fiscal responsibility.
Step 3. Abolish the Federal Insurance Contributions Act (FICA) tax
As James Galbraith has written, “Social Security and Medicare … cannot go bankrupt, and they cannot fail to meet their obligations unless Congress decides … to cut the benefits they provide.”