By David Stockman*, in the New York Times
"IF there were such a thing as Chapter 11 for politicians, the Republican push to extend the unaffordable Bush tax cuts would amount to a bankruptcy filing. The nation’s public debt — if honestly reckoned to include municipal bonds and the $7 trillion of new deficits baked into the cake through 2015 — will soon reach $18 trillion. That’s a Greece-scale 120 percent of gross domestic product, and fairly screams out for austerity and sacrifice. It is therefore unseemly for the Senate minority leader, Mitch McConnell, to insist that the nation’s wealthiest taxpayers be spared even a three-percentage-point rate increase..."
For a local version of this disaster that is unfolding, see Greg Kendall's latest op ed, posted in the Monitor and on the Los Alamos County Views.
* David Stockman, a director of the Office of Management and Budget under President Ronald Reagan, is working on a book about the financial crisis.