Talking About Debt (originally posted November 22, 2010)



     Here is a website that should become required reading for university and high school students in the United States--the rest of us ought to read it as well.
 
     This is the draft document released by the Erskine Bowles-Alan Simpson "National Commission on Fiscal Responsibilities and Reform" chartered by President Obama.  Already the release of this draft during the past ten days has stirred up debate among politicians; among its 58 proposals, there is probably plenty for politicians of any leaning to either love or hate.  Some pundits have commented that the report is significant and worthwhile, while others have decried it as missing the point or simply as an excuse for politicians to shirk their own responsibilities.  In my view, the report is a conversation starter.  It is impossible for anyone to deny that continuing to build up larger national debt levels will bring about grim consequences for our children and grandchildren.  And it is simply a fact that national defense, entitlement programs, and social security are the biggest targets.  So this document starts to address these areas.  And whether one agrees with some, any, or none of the proposals does not necessarily matter.  What does matter is that we engage in a national conversation about our habit of financing large deficits with growing national debt.  It is important that our discourse moves beyond talking points and sound bites provided to us by our favorite commentators.  We need to talk.

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