In my last two posts I wrote about Britain and Italy cutting spending for fears that they may turn into another Greece. Today Spain’s parliament voted to cut 15 billion euros by:

• Increasing the retirement age to 67
• Cutting state payments to parents of newborns
• Cutting civil servants salaries
• Freezing state pensions

The point to remember in all of this is that it is the market that is forcing these cuts. The same market forces will soon move in on the United States and give the government no choice but to cut spending. It would be better to tackle these reductions now while there are more choices.

Why wait to be forced to make tough choices? Why not exercise some initiate while there is some room to maneuver?

Because initiative is in as short supply as federal budgetary discipline.