At the annual Schwab conference a couple of weeks ago, many of the expert speakers and panelists offered a similar take on our precarious financial situation. The good news is that, while a number of difficult decisions have to be made, a political consensus can lead us to a reasonable fix of what ails us. The bad news, of course, is that we are reliant on politicians to make the necessary hard choices. We are also reliant upon a public willing to accept them.
The most impressive presentation came from Alan Simpson and Erskine Bowles, who warned of the dangers of our country's tremendous deficit. While you may not agree with their plan for fiscal responsibility, they do offer a sobering perspective.