1.26.2010

Scary

The CBO's Budget and Economic Outlook, just out today (ht/David L), puts some frightening writing on the fiscal wall:




















This is utterly unsustainable.  And there's far more in the report that's disconcerting - especially the crippling interest payments looming on the debt down the road.

The Obama push for a deficit reduction commission - dismissed by many in the GOP as mere cover for the gargantuan expansion in the debt ceiling - is at least a step (and Scott Brown supports it).  But it does seem a bit like agreeing to put a band-aid on an arterial wound at some point the future...while pulling the wound open.

Obama's potential spending freeze is a good step as well, although it suffers from a similar problem - it doesn't necessarily address the underlying system that is going to continue generating spending.  The spending cuts within the federal government should be far more significant than merely setting inflated spending on autopilot.

It's time for some actual, concrete fiscal conservatism.  It's time to say "no."