Adam Eran: Historic tax reductions on the wealthy, and the Wall-Street-Fraud recession, have reduced public revenues, and this reduction now makes otherwise too-popular-to-cut programs vulnerable. But are such cuts really necessary?
Dr. Margaret Flowers: I was overjoyed to hear you say in your State of the Union address on Wednesday night: “But if anyone from either party has a better approach that will bring down premiums, bring down the deficit, cover the uninsured, strengthen Medicare for seniors, and stop insurance company abuses, let me know.” My colleagues, fellow health advocates and I have been trying to meet with you for over a year now because we have an approach which will meet all of your goals and more.
The dirty little secret on both sides of the Pacific is that both America and China are capable of producing far more than their own consumers are capable of buying. In the U.S., the root of the problem is a growing share of total income going to the richest Americans, leaving the middle class with relatively less purchasing power unless they go deep into debt.