How Many Wrong Statements Can You Find in Tom Friedman's Latest Column?
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Friedman then notes the "hole" created by the collapse of the housing bubble then tells us:
"That hole requires us to now cut spending, raise and reform taxes; stimulate the economy by investing in infrastructure, research and teachers; spur more start-ups; and offer more people postsecondary vocational or college education."
Huh, cut spending? No, that's 180 degrees backward. The hole is the lost demand from construction and consumption due to the collapse of the housing bubble. That hole is filled by more spending.
As far as tax reform, yes we have a messed up tax code that could be improved, but we also had a messed up tax code in the quarter century following World War II when the economy experienced its strongest and longest period of sustained prosperity. In short, a better tax code is desirable, buy hardly essential.
Anyhow, I'm sure that Friedman put more errors in his piece, but that's all I have time for today. Wasn't that fun?