Andrew Large, former deputy governor of the Bank of England, has a letter in today’s Financial Times on the wisdom of British austerity. He writes,

First, the reductions in gross national product from the UK public spending cuts are inevitable. The country was living beyond its means leading up to the crisis and ?growth? on the back of ever increasing debt is illusory. In the end, the debt has either to be paid back (hence the cuts) or rolled over. And as the Irish, Greeks and many others before have found, eventually rollover can no longer be relied on.

Federal stimulus money has allowed North Carolina to live beyond its means the last two years. Now folks on the left who scoffed at deficit warnings during the budget debate are now forecasting a $4 billion structural deficit next year and want higher taxes to pay for it.

Stephen Goldsmith is deputy mayor of New York and former mayor of Indianapolis. He thinks we should first define the role of government and quotes former NY Gov. Mario Cuomo, “It is not a government’s obligation to provide services, but to see that they are provided.” Michelle Rhee said something similar in her time as head of Washington DC schools.

To quote Goldsmith: “The revenues that support government are limited and the equities problematic.” Let’s stop pretending otherwise.