. . . but, as Geoff at Ace of Spaces puts it, may not be sufficient:
In FY 2011, we are running a $1.425 trillion deficit. This single year of spending will take our public debt from 62.1% of GDP up to 69.1% of GDP. Now, in our daily life, whenever we run up a debt the first thing we ask is: How long will it take me to pay this off?
. . . .
This is what the President and his crackerjack economic team have wrought. A one-year deficit that is so large that it can only be paid back if everything goes exactly right.
Looking at these and other numbers, Kevin D. Williamson contends “we cannot get spending under control without reforming the entitlements“:
The Democrats’ plan will be to make Paul Ryan the most hated man in America, if not the world. The campaign will be — and already is — personal. It will be personal because the facts are not on their side. Our choices are: 1. raise taxes severely, and pretend that that is not going to have catastrophic economic consequences; 2. court a national fiscal crisis on the Portugal model but on a significantly larger scale, and pretend that that is not going to have catastrophic economic consequences; 3. cut spending.
So, as the Democrats demagogue and make it personal, ask them which option they choose, 1. raising taxes; 2. ignoring the magnitude of the nation’s fiscal mess or 3. cutting spending. And if they elect option 3, ask to see their plan. How do they plan to address the problem of ever-increasing deficits?
In the absence of a plan, they have only rhetoric, putting politics ahead of policy.