An honest assessment of the country’s projected revenue and expenses over the next generation would show a reality different from the apocalyptic visions conjured by both Democrats and Republicans during the debt-ceiling debate. It would be much worse.
There is some hope:
The good news is that this speeding vehicle does have brakes—if Washington would only use them. Eliminating deductions would broaden the base of income that’s subject to taxation and increase revenue. On the spending side, it’s crucial to change the incentives that lead to overconsumption and inefficiency in health care.
The bad news is that putting on the brakes requires Congress to stop acting like blithering idiots, and blithering idiocy shows no sign of falling out of fashion in Washington -- or the nation at large for that matter -- any time soon.