Today, along with Rosanne Altshuler, Joshua Blank, and David Kamin, I participated in a lunchtime discussion at NYU of the sequester and associated issues (what happened earlier this year, what might happen over the next few months, what ought to happen in tax, spending, and budget policy). All of us were skeptical or worse about the desirability of abrupt spending cuts in the current macroeconomic climate, the desirability of any immediately implemented deficit reduction in the short term, and both the likelihood and desirability of 1986-style tax reform in which one broadens the base but gives away the net revenue by lowering the rates.
My closing words were something to the effect of: Things may conceivably get a lot better for our country over the next few years, but if so it will be despite, not because of, our political system.
UPDATE: There may be a video of this event available soon, in which case I will plan to post a link.
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