It’s probably still well within the means of the United States to bring its soaring public debt under control and steer itself back to the path of fiscal stability. That solution, however, would require a massive public effort and shared sacrifice, the sort that philosopher William James might have called the “moral equivalent of war.”
It also would require the once-or-twice in a century level of leadership that has steered the country through major crises in the past.
The financial markets muted reaction to President Obama’s deficit reduction speech on Wednesday suggests such leadership is yet to emerge.
Brazil, Russia, India and South Africa are moving to stop using US currency when issuing grants and credits to each other.
Standard & Poor said "there's a 1-in-3 chance that it could downgrade the U.S. top credit rating within two years. Markets were down sharply on the news"
We have to get our budget in order. Time is running out.