The NY Times today
I would submit that the "bold" I've added is open to dispute. That has been obvious by the controversy over the content of the stimulus bills, and bail-out programs that were implemented.The surge in borrowing over the last year or two is widely judged to have been a necessary response to the financial crisis and the deep recession, and there is still a raging debate over how aggressively to bring down deficits over the next few years. But there is little doubt that the United States’ long-term budget crisis is becoming too big to postpone.
Americans now have to climb out of two deep holes: as debt-loaded consumers, whose personal wealth sank along with housing and stock prices; and as taxpayers, whose government debt has almost doubled in the last two years alone, just as costs tied to benefits for retiring baby boomers are set to explode.
The competing demands could deepen political battles over the size and role of the government, the trade-offs between taxes and spending, the choices between helping older generations versus younger ones, and the bottom-line questions about who should ultimately shoulder the burden.
And now we're being told that we MUST support this huge health care reform ... even though the CBO is raising large question marks over the budget neutrality of the proposals on the table. And Congress continues to spend money that doesn't exist.