Recommended: Dealing with America's fiscal hole

I recommend the article Dealing with America's fiscal hole in the Nov 19 issue of The Economist. Clearly we are on an unsustainable path with the growing federal debt. Just as clearly, neither the administration nor Congress is paying nearly enough attention to this issue yet. Indeed, both are still on a path to substantially increase the debt with politically-appealing but fiscally-questionable legislation like the current health care bill.

I agree with The Economist. While now is not the time to raise taxes or sharply cut government spending - not until the recovery is somewhat less fragile - the administration has to field a credible long-term plan soon to bring the deficit down. The health care debate, in which political ideology and posturing in both parties has completely overcome practical economics, does not suggest that this Congress is capable of crafting a credible long-term debt-reduction plan.