It’s obvious to any informed observer that we have fiscal and economic crises in going on in this country. Whether it’s the deficit or it’s unemployment, the writing on the wall is clear: unless we have structural changes in our economic system, there will be a day of reckoning coming. The Washington Post had a great editorial yesterday on the state of Washington. I implore people to read the entire thing, but here is a snippet.
Dangerous is the path we seem to be headed for: leaving in place all or most of the Bush tax cuts; patching the alternative minimum tax and averting cuts in Medicare reimbursements for physicians; and suspending the automatic spending reductions triggered by the failure of the debt reduction supercommittee. Under this path, by 2022 public debt would be nearly 100 percent of the gross domestic product, a level not seen since just after World War II….
President Obama has called for a balanced solution but has neither proposed serious tax reform nor adequately outlined the ways in which he would get entitlement spending, particularly Medicare, under control. The position of most Republicans, on the presidential campaign trail and in Congress, is wildly less responsible. They imagine a world in which the debt can be tamed by spending cuts alone; indeed, as we pointed out earlier this week, the Republican presidential candidates call for trillions in additional tax cuts beyond extending the expiring ones.

