This is an hour-long video that I highly recommend. It covers a number of economic topics, all of which intertwine. Any one of them can be a study in itself.
The video portrays its message without pulling any punches. The fiscal path we are on is unsustainable, and has been for many years. Hopefully viewers will find the video thought-provoking enough to incite some vigorous debate.
My final comment is this: the Congressional newspaper, The Hill, recently reported that the cowards in Congress have passed a “Budget Enforcement Resolution” that postpones passing, or even debating, an actual budget until December 2010, after the November elections:
- The measure calls for a budget by 2015 that would be balanced except for debt interest payments. This mirrors a goal already set out by Obama.
- The budget document, however, doesn’t say what policies Congress should enact to reach that out-year goal, something past budget resolutions have done. Instead, it relies on the White House fiscal commission, a bipartisan panel looking at tax, spending and entitlement policies, to come up with a plan to reach their target by 2015.
- This year’s deficit is projected by the Congressional Budget Office to be $1.5 trillion, or 10 percent of gross domestic product. A budget balanced except for payments on the debt is about 3 percent of GDP.
- The White House panel plans to report out its recommendations in December.