Far better it is to dare mighty things, to win glorious triumphs, even though checkered by failure, than to take rank with those poor spirits who neither enjoy much nor suffer much, because they live in the gray twilight that knows neither victory nor defeat.

Theodore Roosevelt, The Strenuous Life

By , on November 11, 2010

Managing Debt, Money and Finance, Opinion

CNN reports that the Debt Commission is calling for a $4 trillion deficit reduction over the next 10 years. That is $400 billion per year in cuts, reducing the current rate and projected rate of annual deficits by about half.  Is this enough? By my simple calculations, the U.S. will continue to increase its debt load. Although some Democrats are already complaining, the commission’s plan should be more aggressive. The U.S. should have a balanced budget within no more than five years and be running surpluses continually within ten years. And the sooner the better.

Implicit in my view is continuing to fight inflation and not letting it exceed 2 to 3 % per annum, with less than 1% still a bit better.

Congratulations to the chairmen of the commission, Alan Simpson and Erskine Bowles, for a major step in the right direction.

1 Comment to “Debt Commission: It’s Not Enough!”

  1. [New Post] Debt Commission: It’s Not Enough! http://lawyermusings.com/?p=609

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