The Legacy Watch Begins
By James Hamilton
The editorial page editor of the Seattle Post-Intelligencer gets it. The Rocky Mountain News gets it. The Salt Lake City Weekly gets it too. Do you get it?
The United States is spending more than it takes in. We might get away with this for a short period of time - with the assurance of paying the money back right away - but that's not how it works. We haven't been doing this for a short period of time AND we haven't been paying the money back either.
From the Seattle Post-Intelligencer: "By 2024, Social Security, Medicare, Medicaid and net interest will consume all revenues collected from taxes. A year later, net interest will exceed Medicare and the public debt will exceed 100 percent of the nation's Gross Domestic Product. Ten years later, by 2035, net interest exceeds Medicare and Medicaid and the public debt will top 200 percent of GDP."
This is within most of our lifetimes, people!
As the new Congress convenes in January, the Democratic leadership will try to act on key issues that prove it is more in tune with the American public than the Republicans have been these last 12 years. They'll be looking for ways to restore and protect their legacy.
Similarly, with only two years left in his presidency, George W. Bush needs more than a war for historians to remember him by. He's looking for a legacy too.
And congressional Republicans - eager to atone for not acting while in power - will be looking for ways to restore the public's confidence in their policies too.
By failing to ask our representatives to act, WE are leaving an unacceptable legacy to our children and grandchildren.
The Concord Coalition gets it. This is a wake up call. We need to listen and act. Now.
National Review just did a piece on why conservatives should support a Social Security fix:
http://article.nationalreview.com/?q=MDBlNTQ0Y2NjNmJiOGM4NGMxM2M4N2RiNDMyMGM0YTc=
Don Luskin also did a piece that points out the high cost of delay:
http://www.poorandstupid.com/chronicle.asp
Posted by: Feverishb | December 07, 2006 at 07:06 AM