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Franz Creek gets more rain but experiences a longer deficit anyway".
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The idea that we face a longer term deficit problem of enormous proportions has little better grounding in reality.
So why not combine whatever short-term deficit spending is needed to rescue the economy with a longer-term deficit attack involving future benefit cuts (particularly for the better off); future tax hikes; a health insurance expansion; and perhaps a new tax, such as a European-style value-added tax or carbon tax, to pay for the bigger government.
Federal Reserve Chairman Ben Bernanke also spoke on Tuesday about the huge upside of a deal that avoids the fiscal cliff and lays the groundwork for a longer-term deficit-reduction plan.
Signed by President Barack Obama in August 2011, that legislation raised the debt ceiling and sought to apply pressure on Congress to come up with a longer term plan for deficit reduction.
The shadow education secretary, who previously served as a Treasury adviser to Brown, argues that the economic climate means the party must set out a longer timetable for reducing the deficit.
There is still time for the president to insist that the debt talks include a substantial program to put people to work now, while reducing the deficit over a longer period.
For Mr. Xydakis, the political commentator, whoever leads Greece will have to push back against its lenders and ask to extend the terms so that the country can reduce its budget deficit over a longer period of time, rather than force more drastic cuts on a society already pushed to the edge.
A structural deficit is a longer term one that remains even if the economy recovers.
Coupled with signals from the European Union that Greece will be given a longer timetable to reduce its deficit and receive aid from other nations, the data sent stocks higher at the opening bell.
Most important for the stricken economies, the German chancellor, Angela Merkel, may be prepared to accept a longer timetable for curtailing budget deficits for countries like Spain that are reeling from recession.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com