Most analysts expect actual policy-making in Washington will take a break at least through the election. And so we march inexorably toward that so-called “fiscal cliff,” with no deal to address future government deficits.
In this dismal atmosphere, Fortune Magazine decided to turn two veteran journalists loose on the problem. Geoff Colvin and Allan Sloan often come down on opposite sides of economic issues, but they could agree on the big, broad moves it would actually take to get our fiscal house in order.
In a recent column in the Washington Post, the two took on several economic issues in the U.S. that they believe won’t be fixed, even after the 2012 presidential campaign comes to a close.
Sloan says Medicare is one area where emotion plays a role beyond economics. He proposed either restricting the amount of money spent on health care at the end of people’s lives or requiring people to pay for the care themselves.
“If you want heroic care, everyone else is not going to pay for it,” Sloan said. “You buy an insurance policy, you use your own money, and everybody who will be honest about this will tell you what we’re proposing is completely rational, but nobody will say it in public for obvious reasons.”
Sloan’s solution to the tax code includes treating all income the same, getting rid of itemized deductions, and eliminating the “accured” alternative minimum tax. Listen to the complete interview for more.
Marketplace is on a mission.
We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.
Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?