“President Barack Obama needs to rein in big banks, lower healthcare costs, take on the enormous trade deficit and compromise on domestic energy if he wants to have a successful second term and not be stuck in the morass that marked the past four years, Peter Morici, a professor at the Robert H. Smith School of Business at the University of Maryland, told Fox Business Network.
Regarding the fast-approaching fiscal cliff, Morici believes a compromise will be made, but “the question is do we have a bad deal,” he said in response to New York Times columnist Paul Krugman, who wrote that the country should go over the fiscal cliff.
“Let’s not make a deal,” Krugman wrote. Obama must stick to his guns and demand tax increases on the wealthy, which Republicans, who control the House, adamantly oppose, argued Krugman, a Nobel Prize winning economist. ”
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