Thursday, December 6, 2012
Today it’s the fiscal cliff, but that surely will not be the end of it; next year it will be the fiscal mountain, after that the fiscal black hole, and after that fiscal Armageddon. But the truth is Washington already drove us off the fiscal cliff while no one was looking. A nation that has a $16.3 trillion debt, a debt that is larger than our entire economy, has already driven through the guard rail and is in free fall with the cliff somewhere in the rear view mirror.
I had the honor of serving in Congress. Here’s what I learned – there will be no significant change without structural reforms. That’s the polite way of saying it. The less gentle version is that Congress and this administration are psychologically incapable of getting our fiscal house in order without laws that give them no other alternative.