The Wall Street Journal: on Budget & Economy

Donald Trump: The Fed should refinance debt to reduce interest payments

Trump wants rates to remain low to prevent the dollar from appreciating, which would bring "major problems." But another consideration, he noted, was the [interest payments on the] national debt: "What do we do with all of the money that we owe everybody when rates go up and now all of a sudden we have to borrow at two points more? One point more, even, is devastating. It has to be handled very, very carefully." For the Fed to base interest-rate decisions on the national debt would blur the lines between monetary and fiscal policy. It's heresy by today's standards, but [was done in the 1960s].

Jeff Bell: Fed's zero interest rate policy extends Great Recession

"I offered an answer to that problem," he added. At the center of the economy's lackluster recovery, he said, is the Federal Reserve's zero interest rate policy, which he blames for the lack of job creation and for denying people the ability to save. The U.S. needs to undergo a "fundamental monetary reform," he said.

That belief is what prompted Bell to run again in the first place, he said. Since 1982, he has continued working on tax and monetary reform at a series of Washington DC-based think tanks and consultancies. "It just struck me that the whole cycle was going to go forward with no further debate on Fed policy unless I decided to come back to New Jersey and run," he said.

John MacGovern: Budget deficit is a moral issue as well as economic issue

The situation is more than an economic issue, he said. "It's a moral issue as well. Our irresponsible national government is saddling our grandchildren with the responsibility for paying what we are irresponsibly borrowing to spend today."

Tom Foley: Tax credits are spending; oppose $400M job expansion credits

"Raising taxes is leadership? That's how you would lead as governor?" Foley said. McKinney supported a bill that allowed United Technologies Corp. to use $400 million in unused tax credits in exchange for guarantees that the company would expand and hire more workers. Foley opposes the deal and says the package increases state spending. "John is using career-politician talk. He is saying tax credits are OK," Foley said. "Tax credits are spending."

"Tom, it's not spending not to tax someone," McKinney said. "Now you are talking like a Democrat."