Washington Post: Five myths about cutting the deficit

Here’s one passage about #4 that is food for thought to people that think tax cuts can solve any problem with the deficit:

“Budget discipline works only when it is imposed on both sides of the ledger. In 1990 and 1993, the last time we faced a serious fiscal crunch, Congress did just that, slashing spending and raising taxes. In contrast, in 1981 and 2001, massive tax cuts did not lead to reduced spending, despite the hopes of those who espouse the "starve the beast" theory of fiscal reform.

Instead, the tax cuts were accompanied by big increases in spending, thus boosting the deficit from both sides. The logic is clear: If some politicians reward their constituents through tax cuts, other politicians will see no reason that they can't reward their own constituents through more spending. It is only when fiscal discipline is comprehensive and coordinated that it works and endures.”

The five myths about cutting the deficit are:
1. The United States is on the verge of a fiscal crisis.
2. The deficit commissions should propose reforms that are politically viable.
3. Social Security has a surplus, so it shouldn't be cut.
4. We can balance the budget without raising taxes.
5. A new short-term stimulus would be fiscally irresponsible.

Read the whole article to find out why the five myths are actually myths.