Sheila Bair, in her article Will the next fiscal crisis start in Washington? (Washington Post, Nov 26, 2010-see link below) clearly outlines that the total federal debt, now at $14 trillion, has doubled in the last seven years. That correlation between time and debt, the short doubling time, implies that this process has entered a rising parabolic trajectory that is unsustainable by a simple law of gravity.
Could there be a solution to the “hopelessly partisan” issue about how to lower the total federal debt of $14 trillion while there is consensus that it should be done? Why wait for another financial near-death experience?
It almost seems too simplistic to suggest how this could be accomplished: Simply agree to disagree and let each party in Congress be responsible to come up with solutions to reduce the debt by $7 trillion within identical time frame.
Near-death experience is described as a unique single event; you either learn from it or next time you don’t come out on the other side of the “tunnel.”