Debt commission plan is weak medicine compared to what we'll need if we ignore it

December 07, 2010

The union leaders and members of Congress sitting on the president's debt commission voted for their constituents' parochial interests rather than considering the nation as a whole. The problem is our current level of federal government spending is unsustainable. We spend as if we are still a robust growing economy rather than a stagnant mature one. We have much more in common with the countries of the European Union than we do with emerging countries such as Brazil, Russia, India and China. Most people are unaware that our largest creditor is China. At some point in time that country along with others in the international bond market will realize the United States, because of its huge debt is no longer the best place to invest, and they will go elsewhere.

When that happens the debt commission's recommendations will look like child's play. Take a look at what's happening to the economies of Greece and Ireland — that's our future.

Larry Bonander, Timonium

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