These are not problems that can be glibly dismissed with a few well-chosen words, as most politicians are inclined to do. Nor will the 2016 elections do much to alter our present course towards a police state.
The House will vote this week on a Republican proposal allowing the Treasury to borrow funds to pay bondholders and Social Security recipients if there's a prolonged standoff over raising the debt ceiling. But this approach is extremely dangerous.
If the debt ceiling causes a default or government shutdown and becomes a campaign issue in the 2016 election, there are some signs that the coin could be taken seriously by the Democratic front-runners for president.
he president likes to talk a good game. He continues to propose these new plans that he claims will strengthen the American economy, reduce our debt and give the middle class a boost. But what he fails to do is consider the fiscal consequences these plans carry.
Kevin M. Murphy was the first business school professor to be chosen as a MacArthur Genius Award recipient for his work on wage inequality, unemployment, addiction, medical research, and economic growth.
With all due respect to Sen. McCain, I have a different take on this. I, too, am outraged by the lack of care that many of our veterans have received, but I'm not at all bewildered by it. In fact, I saw it coming for years.
It took centuries to get people to understand the earth orbits the sun. If it takes as long to get the public to understand and our politicians to understand the economy, billions of people will suffer needlessly.
Here's something you won't hear anyone in Washington admit: we've only once made a principal payment on our debt in the last forty years. Just once! Today our federal debt clocks in at $17.3 trillion dollars.
Since no politician will accept the liability of defaulting on these promises - from Social Security to Medicare to public employee pensions - we have to consider the likelihood that they will turn to the "printing presses" and simply create the money to keep the system going.
Concerned about the national debt? Pay attention. When you include the millions of young people who left the job market entirely during the Recession, our federal and state governments miss out on $25 billion in revenue every year!