I'm attaching a good blog post from Tyler Cowen, one of my favorite economists. As almost always with his theories, I'm not in complete agreement but what I want to highlight is the following:
"The time for a Grand Fiscal Bargain is now. If we don't do it fairly soon, we won't get spending under control at all. Furthermore the number and percentage of elderly voters will only increase, which will make spending cuts more difficult as time passes."
I couldn't agree more with the urgency. It pains me to see that we haven't gotten past political gamesmanship on this issue. We have wonderful resources when it comes to balancing the budget. Some of the best economists in the world work at our universities. Some of our government agencies have displayed terrific outside of the box thinking as we fought through the financial crisis. Some of the most inventive software companies could assist in streamlining our government operations. While there are several different ideologies involved in this process, we are at a point where there is enough common ground to tackle. We should be making significant strides now. Look at the bipartisan deficit reduction commission, there were several terrific ideas and recommendations that came out FOUR MONTHS AGO and yet we still haven't pushed any of these recommendations for legislation.
http://www.marginalrevolution.com/marginalrevolution/2011/03/from-the-comments-what-does-the-endgame-look-like.html
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