Fixing the Budget per Joseph Stiglitz

At times, there are economists who seem to make reality very clear, so clear that one wonders how anyone could disagree with their perspective. Somehow or other, Joseph Stiglitz seems to have the ability of zoning in on complexity to squeeze out simplicity.

In his recent column, he lists five areas which explain much of the deficit issue and lend themselves to corrective action to remedy the situation, a list that has been identified by others as well.

We could invest in our infrastructure and would get a great return (jobs, improved bridges, etc.) on our investment.

We could address the ridiculous size of the Pentagon budget that builds weapons for enemies that no longer exist and addresses problems that are outside the role of a military.

We could address the income inequality in our nation that even Chairman Bernanke mentioned on Sunday's "60 Minutes". This is complicated, but creating a fairer tax system would achieve a much more equitable distribution of wealth.

We could address the issues of corporate welfare that range from farm subsidies to other incentives that make no sense in a capitalist system that is intended to reward initiative and the free enterprise.

Finally, we could increase the taxes paid by the very rich people to help balance our national sense of equity.

It is hard to believe that his views would be endorsed by the majority. Yet we know that they aren't. It makes one wonder about our future.