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Presidential Advisers: Slash Spending Now — Or New Meltdown Will 'Dwarf' 2008

America’s gaping budget deficit could lead to a crisis that would “dwarf” the meltdown of 2008 — and to get the country out of its fiscal mess, the government must slash spending substantially, according to 10 former members of the President’s Council of Economic Advisers.

The economic experts — former chairmen and chairwomen of the council serving both Republican and Democratic administrations — issued the warning in an open letter published by Politico.

They say recommendations by budget watchdogs Erskine Bowles and Alan Simpson, arguing that the long-run federal budget deficit will pose a serious threat to the economy, need much more attention from both political parties. Bowles and Simpson co-chaired the White House’s deficit-reduction commission in 2010.

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Hard to be hopeful

IMO Dr Paul is right about this too. The political will for change won't happen until the crisis is upon us. Then all bets will be off. A return to liberty will not be the solution the PTB tries to implement. They'll call for shared sacrifice. Would like to be hopeful but I'm not.