Saturday, April 16, 2011

Deficit, Crisis, and Time Horizons

Unsurprisingly given FLG's interest in time horizons, he found this essay by Jim Manzi on the government's debt problem fascinating.

The rational goal is to push the point of crisis out well beyond the current planning horizon. There is no “long-term solution” that can ever be achieved by any budget deal. In the end, the ballast in the entitlement and budgeting system that prevents it from going haywire in the long run is the good sense of the American electorate. That’s why neither the conservative emphasis on the character of the people, nor the progressive focus on maintaining social consent for the capitalist system, is entirely misplaced.

1 comment:

The Ancient said...

Quote of the Day:

If the ruling class were as worried about the deficit as it claims to be, it would accept that the wealthiest people in society have a duty to pony up more for the very government whose police power and military protect them, their property and their wealth.

Movie version:

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