The fate of this country’s credibility on paying its debts currently rests with a vociferous minority. It’s time that the pragmatists on both sides of the debate are heard.
Realistically, there is no practical and no politically acceptable way to reduce the deficit but to address it from both ends: Cut expenditure and raise revenue/taxes.
There are three key messages:
• Raising the debt ceiling has to be done in a timely manner; the risks are far too serious to contemplate otherwise.
• The nation has overspent in recent years, particularly on two unfunded wars. We owe it to the next generation to curb expenditures by this generation.
• We also owe it to the next generation to pay off the deficit. It’s been only 12 years since we had a budgetary surplus. which was achieved by a sensible balance of taxation and expenditure. Taxes need to rise to help pay off this accumulated deficit.