The Size Of The Fiscal Crisis
There is a crucial reads out there: Mary Meeker’s report USA Inc, prepared for the investment firm of Kleiner Perkins, which looks at the USA as though it were a business.
Henry Blodget summarizes Meeker’s work by stating that “the US cannot grow its way out of this problem.”
“It needs to cut spending,” Blodget adds, “specifically entitlement spending. We hereby announce that we’ll give a special gold star to the first “leader” with the guts to say that publicly.”
Blodget should have already awarded the star to Paul Ryan or Tom Coburn and should have read either Tim Pawlenty’s or Mitt Romney’s new books, both of which detail the fiscal cliff on which we are dancing. Blodget is acting like no one knew this to be the case when in fact many senior leaders of the conservative movement does and has known, and tried very hard to stop the ruinous Obamacare entitlement from adding to the nation’s fiscal recklessness.
No matter. If he and everyone else wants to get on board now, great, and Ms. Meeker’s report is wonderfully blunt and coming from the world of investment banking is sure to draw the attention of elites in the way that political speeches do not. I have asked Ms. Meeker to join me to discuss he report, but it is there for the reading already.