Larry Doyle of Sense on Cents agrees that the fiscal outlook is bleak unless we act and act now to rein in our out-of-control government.
Here is a choice quote:
“While Ben Bernanke and his minions at the Federal Reserve may care to delude our nation by propping markets the simple fact is without significantly credible and long term focus on our deficit, we run the risk of our interest rates here ratcheting higher in similar fashion to other debt strapped nations.
The belief that we can address the deficit later because we need to address the economy now is similarly delusional. ‘Later’ is knocking at our front door. If you would like to gain a greater appreciation for the size of our debt problems, check out the debt monitor in the right hand sidebar right below the Comments here at Sense on Cents. Those figures are real. Although Bernanke may care to debase the value of our dollar to repay these debts, the accompanying cost is inevitably higher interest rates, even if core inflation remains in check.
Our national addiction of continually kicking the can down the road has failed us yet we continue to allow our politicians and bankers to play that charade. The ticking of the clock is getting louder and the hands are moving toward midnight.”
President George W. Bush was fiscally irresponsible. Agreed. But what do you call a president and congress that are well aware of the irresponsibility, and even campaigned against it, yet not only allow the irresponsibility to continue but act even more irresponsibly themselves?
Congress is haggling over 100 billion in spending cuts when we need to radically restructure government and reduce its size as well as take a hard and painful look at entitlements.