ABSTRACT
This chapter depicts the highest form of political leadership: the willingness to risk it all when the situation demands it. People celebrate leaders who act according to the popular will of the moment. Popular leadership often deserves praise, but is far easier than that undertaken by Ross. The chapter presents possible solutions to the dilemma, starting with the long-term entitlements predicament. The Kerrey-Danforth Commission's final report urged solutions that would not increase the deficit's share of the economy. Successful reform can only succeed if based on sound principles. Five principles underlie the plan. First, spending reductions must dominate deficit-reduction efforts. Second, we must not primarily burden future taxpayers for the entitlement excesses of the present. Third, since Americans consume too much and invest too little, tax increases should discourage consumption. Fourth, the rich should pay more. Fifth, savings also must come through program efficiencies.
