A man I respect very much, former U.S. Senator Alan Simpson, used this phrase on MSNBC this morning to describe the state of the U.S. economy as we head into the next round of political theater in Washington.
In the coming months we will see performances of Raise the Debt Limit, fondly subtitled “We Still Have Checks in the Checkbook We Cannot Be Broke”. There will also be a performance of “Sequestration Spending Cuts– We Were Only Kidding”.
An amusing take on a serious situation, perhaps but the inane, vitriolic statements from both sides on these issues do not indicate that either democrats or republicans are taking these two issues as seriously as they should.
If the debt limit and the sequestration spending cuts are approached and dealt with in the same manner as the tax portion of the fiscal cliff, we will solve none of the long term fiscal issues facing the nation and will insure that our grandchildren will be trying to pay the bills for the excesses of our generation.
Boyles-Simpson offered a plan that, in my opinion, should have been implemented immediately and we would be much better off today and truly would be headed in the right direction if it had been implemented.
Their plan was however much too logical, much too effective and truly spread the pain across the nation for either side to accept. The tax code reform and elimination of deductions and credits to increase revenues was opposed by both sides, reforms to the Medicare and social security programs angered the left and spending cuts were selectively supported or opposed depending on party affiliation.
So here we the people sit a spiraling national debt and high annual deficits and no real roadmap or timetable to when the deficits will be eliminated (for sure) and the debt paid down.
Until we are willing to address the spiraling costs of the entitlement programs of our social safety net, to engage and complete comprehensive tax code reform (individual and corporate) and most of all willing to address the spending problems of the nation – we will be as Senator Simpson suggests the healthiest horse in the glue factory.
Quite a legacy to leave to our children, in place of the America dream we will give them the bill for our foolish behavior.
Thanks wordpress.com and Google images for the graphic.