Halperin: If 2% Growth Is All We Can Do, We’ll Never Get Rid of Deficit and the Debt

EXCERPT:

HALPERIN: "There’s lots of ways to reduce the deficit. Cutting spending is one of them. But there needs to be faster growth. Republicans believe that faster growth comes with lower rates, broadening the base. The 'Wall Street Journal' loves what they put out yesterday. That may be wrong. I don’t think there’s any doubt that at 2 percent growth we’re never going to reduce the debt. It’s a little but counterintuitive. It's not pure supply side, it's just a fact. You need faster growth rate. And even some Democrats would say lower corporate tax rates, lower individual rates could lead to more economic growth. And I'll say again, it’s the biggest problem in the country today. 2 percent growth. Some people believe that’s all we can do. If that’s all we can do, we’ll never get rid of the deficit and the debt.”