Thursday, November 11, 2010

Shared Sacrifice.

The draft report of the National Commission on Fiscal Responsibility and Reform has been released to the news media. You can read it here. The Republican leadership would be wise to issue a general endorsement of the Commission's recommendations, since something like what the Commission proposes will eventually have to be done. And if it's done sooner rather than later, the impact of the collateral damage can be at least partially contained.

Not doing something about America's debts will eventually and inevitably lead to disaster. There is no magic solution. There are no happy outcomes without broadly shared sacrifice. Everyone knows this.

The question on the table is whether our political leadership can perform. If the answer to that question is no, then the reckoning and restructuring will become the unraveling.