10 May 2010

Passing the Point of No Return?

Quote of the Day:
Our parents were “The Greatest Generation,” and they earned that title by making enormous sacrifices and investments to build us a world of abundance. My generation, “The Baby Boomers,” turned out to be what the writer Kurt Andersen called “The Grasshopper Generation.” We’ve eaten through all that abundance like hungry locusts.

...[The U.S. government will] have to figure out how to raise some taxes to increase revenues, while cutting other taxes to stimulate growth; they’ll have to cut some services to save money, while investing in new infrastructure to grow economic capacity. We have got to use every dollar wisely now. Because we’ve eaten through our reserves...
-NY Times columnist Tom Friedman, telling like it is (as always).

I am beginning to wonder if anyone on Capitol Hill will have the cajones to make the tough, necessary decisions before things move past the point of no return. And even if Congress acts, is it already too late?