It Ain't Just Krugman Who Gets It at the Times

Dave Leonhardt, one of their more prominent economics reporters, as well as being one of the more prominent contributors to their Economix blog, notices that most of the deficit gets fixed if you just do nothing and let the Bush tax cuts expire:

A trick question: If Congress takes no action in coming years, what will happen to the budget deficit?

It will shrink — and shrink a lot. This simple fact may offer the best hope for deficit reduction.

As federal law currently stands, some significant tax increases are set to take effect in coming years. The most important is the scheduled expiration of the Bush tax cuts at the end of 2012.

Of course, both parties favor the permanent extension of most of those tax cuts — the ones applying to income below $250,000. Both parties also oppose big cuts to the military, Social Security and Medicare, at least in the short term. Unfortunately, the deficit is likely to remain frighteningly large over the next decade without either cuts to those programs or tax increases.

Say what you will about Krugman, and he is a brilliant man who has won the Nobel Prize in Economics, but he does not reflect the conventional thinking at the "Paper of Record."  He is an outsider.

Mr. Leonhardt, on the other hand, does. He's been working as a journalist at the Times for about a dozen years, and the fact that he is mentioning this means, at the very least, that the idea that doing nothing will fix the problem is something that is discussed amongst their staff.