ILLUSIONS AND REALITIES

“Pundits and political wise men have long dreamed of a “grand bargain”, which would arrest the growth of entitlement spending while raising tax revenue by closing loopholes. It is more or less the only formula that solves America’s budget woes while sharing political pain equally between the two parties. It is no coincidence that such a bargain lies at the heart of most recent bipartisan deficit-reduction schemes, including those put forward by the Senate’s “Gang of Six” and the president’s own fiscal commission. Both plans would have cut the deficit by roughly $4 trillion over the next decade, enough to put the debt on a downward path relative to GDP. Many hoped the debt-ceiling increase would be the vehicle to deliver it.”

The above is a quotation from one of the most respected magazines in the world, "The Economist", whose analytic style and skill are frequently “right on”. I am at a loss to understand why the President chose to ignore his own commission and the so-called Gang of Six, both of whom recommended reform of the tax structure and closing loopholes, as well as analysis for reform of entitlements. On too many occasions he plays the part of The Great Compromiser to our detriment.

The Republicans can spout from their soap boxes that increases in taxes will spell doom. The Democrats can climb on theirs and orate on the inviolability of entitlement programs. Somewhere, somehow, something’s gotta give, as the old song goes. Tax revenues have to increase by means of tax reform, and entitlement programs must be made more efficient and capped. There is no other way. One day reality has to sink in when serious and responsible congressmen, the President and assorted think tank pundits must get serious and down to work in dealing with the problem. Cut out the sound bites, the nonsense, and deal with the future of our nation.

I hope it’s not too long a wait. I’m getting really old, and I’d like to see it in my lifetime.