Peter Dreier: Peterson’s Fix the Debt agenda would simply exacerbate the recent trends of widening inequality and declining living standards for most Americans, a chasm we haven’t seen since the Gilded Age of the late 1800s. This so-called “solution” is bad for the economy and bad for the country.
Worrying about government debt is like worrying about the monster under the bed. The issue isn’t debt, it’s power.
Ellen Brown: Even the world’s most resource-rich country has now been caught in the debt trap. Its once-proud government programs are being subjected to radical budget cuts—cuts that could have been avoided if the government had not quit borrowing from its own central bank in the 1970s.
Ira Chernus: When Republicans gather for their national convention in 2012, they’ll have to decide whether to imitate the Democrats of 1932 and focus on social issues — which are, to so many, issues of sin — or on the dollars and cents of the debt.
Berry Craig: Never before have so few with so much promised to take away so much from so many and then laugh their asses off as the so many with so little vote for the so few with so much.
Anyone who hasn’t learned by now that there’s almost no relationship between the Dow and the real economy deserves to lose his or her shirt in the Wall Street casino.
The only item worth looking at is the part of the report that predicts the government will have nearly a $1.6 trillion deficit in the fiscal year that ends this September 30 — but not because that number is alarmingly large. It strikes me as alarmingly small.