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Notes From the Fieldby Martin Weil

August 1, 2011

Just the first round of a long and painfiul national debate

As painful and rancorous as the Congressional fighting was these past two months, I am afraid we are in for many, many more similar face-offs.  This chart from Bloomberg (h/t The Big Picture) puts the scope of our longer-term problem in perspective.

Some argue passionately that Washington has a “spending problem.”  Others argue as determinedly that government has a “revenue problem.”   One way or the other, we do have a long-term shortfall that we will have to begin to close one way or the other.

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