Perhaps even more than most of Concord’s Fiscal Wake-Up Tour programs, the one in Maine this week underscored the need for a really big alarm clock.
The recession has sliced into the government's revenue while putting its spending on steroids. Concord Executive Director Robert L. Bixby offered the Wake-Up Tour audience of more than 200 in Kennebunkport a troubling factoid: last month’s federal deficit of $180 billion was larger than the deficit for all of 2007.
And on the same day, the Obama administration released a grim projection of $9 trillion in deficits over the next decade, $2 trillion higher than its previous estimate. When this was reported in Kennebunkport, fretful murmurs swept through the room.
Even the $9 trillion figure is probably too optimistic, according to Concord’s analysis. So to borrow an analogy from David M. Walker, president and CEO of The Peter G. Peterson Foundation: Watch out for the "tsunami" that’s on the way.
Then there’s the current status of the health care debate: High interest in new government services and assistance, considerably less enthusiasm for proposals to pay for them. And not all that...