Europe requires structural labor-market reform and must resolve its sovereign-debt overhang, banking crises, and the euro’s future. America must reform its tax code to raise revenue across a wider array of people and economic activity (half the US population pays no federal income tax, and the tax code either excludes or favorably treats many income sources).
明智的政策同时考虑短期、中期和长期效应。比如，美国和欧洲都急需长期的退休金和医疗改革。欧洲需要进行结构性劳动力市场改革并必须解决主权债务过度、银行危机以及欧元区未来的问题。美国必须改革其税法，以期从更多的人和更广的经济活动中征收更多的收入（一半美国人口不用缴纳联邦所得税，现行税法要么将多种收入源排除在纳税范围外，要么给予了税收优惠）。