Posted on October 6, 2008 by David Laidlaw
It is difficult to look beyond the current situation, yet former Secretary of Commerce, Peter G. Peterson, gives us a glimpse of the future. In a letter last month to The New York Times and other publications, Peterson laid out some stark truths: the United States is facing a$53 trillion deficit ($455,000 per household) which is growing $2 – $3 trillion a year. Medicare and Social Security account for $41 trillion. Funds needed for public education, critical infrastructure and disaster relief will be lacking. “It is time to reframe the nation’s fiscal debate,” says Peterson, “and raise the bar for what we expect to hear from our elected officials.” Election year pandering is indeed demeaning. We the people should expect elected officials to address these priorities.