Tough Truths About The Dollar, The Debt and The Economy

by Robert McTeer

Someone recently asked me whether I thought the taxpayers would be willing to pay to clean up our fiscal mess.

From a political perspective, I doubt that they will be willing to pay enough to convert the fiscal deficits into surpluses, which is necessary to reduce the level of debt. Since public awareness is probably at an all time high, they probably will tolerate a reduction in the deficit, perhaps enough to avert a financial panic if we have enough time for that. Hopefully, it would be sufficient to reduce the ratio of the deficit and the debt to the economy. That probably could take place over time, but an early start and a credible plan is crucial.

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