Do you remember this?
The National Commission on Fiscal Responsibility and Reform (often called Bowles-Simpson/Simpson-Bowles from the names of co-chairs Alan Simpson and Erskine Bowles; or NCFRR) is a Presidential Commission created in 2010 by President Barack Obama to identify “…policies to improve the fiscal situation in the medium term and to achieve fiscal sustainability over the long run.” The commission first met on April 27, 2010.[2] A report was released on December 1, 2010,[3] but failed a vote on December 3 with 11 of 18 votes in favor, with a supermajority of 14 votes needed to formally endorse the blueprint. [from Wikipedia]
Now you might want to take a look at the latest debt projections from the Congressional Budget Office (CBO).
The recommendations of the NCFRR were ignored, they were shelved, placed in the round file …
These are not the only recommendations made to address the problems of Social Security, Medicare, the deficit and more, nor we’re they the first.
Exactly what will it take to get the leadership of this country to lead? More important, what will it take for Americans to support the ones who do? It seems that the one solution we hear is to get American families earning over $250,000 to pay their fair share (whatever that may be). Not one proposal coming from the Administration addresses the fundamental issues we face. No action by this or the last Congress gives any indication of true fiscal responsibility that could lead to prudent use of new revenue if it were to be generated.
The true fiscal cliff is not this December when we already know taxes won’t be raised. The real cliff is in fifteen or twenty years or the day interest rates and hence borrowing costs start to rise.
Stake out your position any way you like; Republican or Democrat, right wing or left, the fact is none of that will matter when things really head south. All the social promises in the world won’t mean much if they can’t be fulfilled. All the tax cuts or increases will be meaningless if spending keeps its pace and inflation beckons.
Where are the leaders?
QUINNSCOMMENTARY 