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[quote=Anonymous][quote=Anonymous]OP, I would like to ask you:  Why do you think the current administration is committed to "failing" policies?  I mean Obama's got people, just like any other President, right?  People who are financial wizards, economist this, chief of policy that.  So why shouldn't we listen to them when they say "we are on the right track.  It's going to take time - and tax increases on the rich - but we will get there".

And I'd LOVE to give the economic proposals of the Republicans a serious listen.  Unfortunately I can't do that until they let go of their obsession with women, fetuses, and gays.  [/quote]

OP here, and first off I wholly agree with the choice views and think it's one of the few issues out there as, if not more, important that the fiscal crisis.

Neither party is being honest about the fiscal problems--they are just too daunting and maybe don't fit in our political system.  I keep saying this: taxing the rich won't work.  (1) there aren't enough of them and (2) there's a law of diminishing returns and wealth will move around to avoid taxation.  That's not an opinion.

The lies here are to look at debt on a Federal basis only, w/o including debt for states and localities.  By debt I also mean promises made for pension and health care.  The article cited estimated total debt/liabilites of some $200 trillion or 12% of GDP.  That is a staggering number, particularly for a country with somewhat unfavorable demographics.  We've had little leadership here..if social security is the "3rd rail" then think how hard to frame these more dour realities.

I don't have the answers.  One not-too-stupid way out is to play the Argentina card and inflate.  Most of us with an Austrian economic bias believe that's our future.

Here's one interesting (to me) parallel:  btw environmentalists and fiscal conservatives.

A thoughtful view on climate change might suggest that while we don't know for certain what the cause may be or what the future will look like w/o action, there are enough smart and scared scientists to suggest it makes sense to maybe sacrifice some global GDP over the next decade or two for prevention.  It's basic risk management--what if they're right?

Same with the financial challenges.  There are plenty of smart economists out there not affiliated with a politician who are terrified over the U.S. fiscal situation.  What if they're right?  So while we dither about taxing the rich and oil companies and ceo pay and other (in my view) side issues, left unattended the outcome could be seismic.  Do not overestimate govt's ability to solve the problem..there's too much history otherwise.

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