Triggers to cut deficit don't work
By PATRICK SHARMA | 8/25/11 12:02 AM EDT
There has been much talk about the bipartisan group of 12 legislators charged with developing policies to shave at least $1.2 trillion off the deficit over the next 10 years—and the automatic spending cuts that would occur if this supercommittee fails to come up with a plan.
But as the nation grapples with a sluggish economy and capital market instability, those interested in our country’s fiscal health would be well-advised to remember that there is nothing automatic about automatic spending cuts.
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