Wednesday, January 27, 2010

The Real State of the Union The Real State of the Union 2010

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It is State of the Union time again. Like every president before him, Barack Obama will declare that the state of our union is fundamentally sound, but it needs some tuning up. (In his case, a tune-up costs about $2 trillion and nine czars.) But in my opinion, the state of our union is, to use the word of the day, “unsustainable.” That means “dying” in everyday language.
Almost a year ago, I wrote of the “real” state of our union.
We have less than 10 years to get our mess straightened out. In that time we need to do something drastic with health care, meaning getting its costs under control. We also need to keep a lid on discretionary spending and even cut it. Social Security payroll taxes
might need to be raised a bit by 2020, or benefits cut.
In short, to avoid financial catastrophes such as government default and bankruptcy that would otherwise come in the 2020-2030 time-frame if not before, President Obama must make some bold moves. And in the opposite direction of his fan base.

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