I bring your attention to three quick articles on the debt and how to fix it, here, here, and here. The chairmen of President Obama’s bipartisan debt commission have presented a working draft that outlines the extent of the problem, and the sort of painful steps necessary to address it.
This is not, and should not be, a partisan issue, even though partisans will dislike different parts of what’s needed, for partisan purposes. But the outline is clear—drastic spending cuts and painful tax increases are in store. The fantasy that we can simply cut taxes and grow our way out of debt has been disproved long ago. The idea that there is a simple and practical and politically easy way to simply raise taxes in selected areas is a concept that cannot be sustained. The thought that spending cuts will be easy, painless, and will affect
someone else, is ridiculous.
We see here the reason why no one has wanted to give specifics. The specifics are going to hurt. And they will hurt everybody.
I’ll avoid any partisan finger-waving either at the causes for this situation, or at the reluctance to solve it. I’m sure that’ll happen in the comments section. But at least now we have one realistic outline for what it would take to address it.