I think today we face the most predictable economic crisis in history,” he told an audience on April 24 at the Council on Foreign Relations -- an audience that might actually be able to help do something about the problem. “Fortunately, I think it’s also the most avoidable. I think it’s clear, if you do simple arithmetic, that the fiscal path that the nation is on is simply not sustainable.
That means that every single dollar we spent on everything else, including two wars, national defense, homeland security, education, infrastructure, high-value-added research and the like, was borrowed. “And,” he warned, “half of it was borrowed from foreign countries. And that is a formula for failure in anybody’s book.”
Dire talk that really captures the problems that are coming. Its not too late to find solutions though. I hope that Congress can break their mold and really look at some bipartisan reform to solve this problem. Its not going to be pretty or popular but we just can't keep going at this rate.