Does It Take A Panel of Financial Experts?

CNBC reports that a panel of experts have stated that:

“The United States must soon raise taxes or cut government spending to curb its debt, and failure to act will risk a crippling dollar crisis as investor confidence ebbs.”

Is this suppose to be a timely article?

Some of us have been concerned about this since the Bush years.  A majority of us have been very concerned about this since early 2007.

“The two-year study by the panel, assembled by the highly respected National Research Council and the National Academy of Public Administration, said that the White House had some time on its side to restore growth, but must then act.”

It took them two years?  That makes me feel warm and fuzzy.  Time on our hands?  Let me go get my Magic 8 Ball.

“In the next year or two, large deficits and more borrowing are unavoidable given the severity of the economic downturn. However, action ought to begin soon thereafter,” they said.

Really?  So, the trillions spent / distributed to the banks so far are still not working? Just keep doing the same thing for the next year or two?

“Mounting debt could sap investor confidence in the economy, and the nation’s ability to honor its obligations, pushing up interest rates and causing a steep fall in the value of the dollar as international creditors seek safer returns elsewhere.”

Does it really take a panel of experts to figure this out?  I don’t think so.  Since my 3 year old grandson is not here with me, let me consult my Magic 8 Ball to see what it says:

Great.

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