Now That the Easy Stuff Has Failed, All That’s Left Is the Hard Stuff
The easy fixes—throwing around trillions in “free money”—have all been tried. Now the only choices left are the hard ones everyone has avoided for four years because they’re politically impossible.
I want to elaborate on a key point in yesterday’s entry The Resilience and Fragility of the Status Quo: now that we’ve run through all the easy fixes, all we’ve got left are the hard choices. You know, facing the music, dealing with reality, making the cuts, taking the losses and tossing aside the impossible promises.
The irony is that completely surrendering to the vested interests hasn’t fixed what’s broken, but neither will overthrowing them. Getting rid of the parasitic financial Elites would be a positive first step, but that won’t magically make Medicare a sustainable promise. Medicare is careening off the fiscal cliff regardless of who’s nominally in charge of the political machinery, for the reasons listed yesterday: demographics, the technological destruction of paid work and the diminishing returns on debt.
Here is the easy stuff that’s already been done: