The Next Great Crisis: America's Debt -- Fortune
At this rate, your share of the load will be $155,000 in a decade. How chronic deficits are putting the country on a path to fiscal collapse.
Normally Paul Krugman, the liberal pundit and Nobel laureate in economics, and Paul Ryan, a conservative Republican congressman from Wisconsin, share little in common except their first names and a scorching passion for views they champion from opposite political poles. So when the two combatants agree on a fundamental threat to the U.S. economy, Americans should heed this alarm as the real thing. What's worrying both Krugman and Ryan is the rapid increase in the federal debt - not so much the stimulus-driven rise to mountainous levels in the next few years, but the huge structural deficits that, under all projections, keep building the burden far into the future to unsustainable, ruinous heights. "The long-term outlook remains worrying," warned Krugman in his New York Times column. Krugman strongly supports President Obama's spending plans but bemoans the shortfall in taxes to pay for them.
Read more ....
OPINIONS, COMMENTARIES, AND EDITORIALS
Latin America's Brave New World -- Mary Anastasia O'Grady, Wall Street Journal opinion
Spy Case Keeps Cuba In Perspective -- IBDeditorial
Thin Red Line of Heroes -- Weekly Standard
South Koreans Should Be Worried -- B.J. Lee, International Herald Tribune
Counterinsurgency in Afghanistan -- Gary Berntsen, RealClearWorld
Kneecapping FedEx -- Washington Times editorial
False Choices For Russia -- Washington Post
Russia and Europe Fight Pipeline 'War' -- Richard Galpin, BBC News
The Collapsing Global Left -- Bruce Walker, American Thinker
West Bank Settlements and Future of Israel -- Stratfor
Nightlife in Tehran -- Jason Rezaian, International Herald Tribune
North Korea's Latest Outrage -- USA Today editorial
A New Hope in Lebanon -- Times of London editorial