Fiscal experts who spoke at The Concord Coalition’s Economic Patriots Dinner last week warned that rising federal debt could produce serious financial crises earlier than many people think. “We are on the cusp of real danger and real risk,” said Senate Budget Chairman Kent Conrad, who received the Paul E. Tsongas Economic Patriot Award from Concord.
The panel of experts did not “sound particularly optimistic that elected officials would take appropriate action anytime soon,” writes Steve Winn, Concord’s communications director, in a recent blog posting. But he says Conrad, a member of the President’s bipartisan fiscal commission, did offer some hope that it could produce useful recommendations by its Dec. 1 deadline.
In addition to Conrad, others who spoke on the after-dinner panel were Bob Kerrey, Concord’s co-chairman; Peter G. Peterson, Concord’s founding president; Bob Rubin, former U.S. Treasury secretary, and David M. Walker, founding CEO of the Comeback America Initiative.