Phil Smith is regional director of the non-partisan Concord Coalition, which includes our own former senator, Sam Nunn, as one of its directors. The coalition was formed in 1992 to educate the public about “the causes and consequences of federal budget deficits and the long-term challenges facing America’s unsustainable entitlement programs.”
Smith says we can’t grow our way out of this mess. Cutting waste is commendable but it doesn’t have much of a financial impact. Neither does cutting foreign aid. He agrees with Wes French. It is about reining in Social Security and health care costs. Seventy-seven million baby boomers are about to swamp the system — Smith calls it a “financial tsunami” — and we’ve got a bunch of people in Washington, including the president, who are not exactly inspiring confidence by their partisan gamesmanship.