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On Wednesday, President Obama called for a more balanced approach, one that he said would combine some tax increases for the wealthy with selective spending cuts that he said would not break the "basic social contract" of programs like Medicare and Medicaid.
The basic social contract of the Enlightenment is that tolerance is there above all to guarantee the free exercise of faith.
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Now we will see these differences extended further unless the next government is bold enough to set out a basic social contract on housing.
Carney defined "Inclusive Capitalism" as "delivering a basic social contract comprised of relative equality of outcomes; equality of opportunity; and fairness across generations".
"Inclusive capitalism is fundamentally about delivering a basic social contract comprised of relative equality of outcomes".
If we're going to renegotiate our basic social contract from government "of the people, by the people, for the people," to government "of a few of the people, by a few of the people, for a few of the people," then at the very least this change should be accompanied by vigorous debate.
If you believe the polls, Americans favor some sort of structural adjustment so long as it doesn't forever alter either our basic social contract or sense of rugged individualism.
Speaking at a City conference, the Bank's governor warned that there was a growing sense that the basic social contract at the heart of capitalism was breaking down amid rising inequality.
Its experience shows that doing this requires something radical: an alteration of the basic social contract the pharmaceutical companies have enjoyed until now.
"What this gets at is our basic social contract: the belief that you're going to be O.K. going about your life," Dr. Wolin said.
But now, when the basic social contract between California and its citizens is about to be broken, we merely yawn.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com