Time To Get Serious About Our Economy

A presidential commission has convened and has offered up plans to make serious cuts in the federal budget deficit (see: http://www.bloomberg.com/news/2010-11-10/deficit-panel-s-plan-would-seek-to-cut-social-security-mortgage-deduction.html).

The problem is that both sides, liberals and conservatives, are wincing. Liberals don't want to see any curbs on Social Security and Medicare, the conservatives don't want to see any reduction in tax breaks or the defense budget. Because of these disputes, it is unlikely that fourteen of the eighteen panelists will come up with a consensus view on how to cut the deficit, and any legislation is unlikely to ever come up for a vote (see: http://www.reuters.com/article/idUSN1018968620101110).

In other words: more of the same. Both sides don't want to take the deficit seriously. The United States is facing a crippling deficit that could leave the country in the same shape California is in, and that Greece already went through earlier this year.

Serious times demand serious actions. The days of cutting every tax you can find and spending as much as you want are over. Action to increase taxes and to reduce sacred cow spending are long overdue.

Instead of continuing to vote for politicians that tell us exactly what we want to hear, it is time to vote for adults who will do what is necessary. Unfortunately, it is the message Americans don't want to hear, and certainly don't want to vote for.

And thus, no serious solution is likely to come out of Washington, DC.

RG