All it takes to solve U.S. debt problem is willpower

[savalez]

Interesting quotes from Alan Simpson:

"We can't spending-cut our way out of this, we can't tax our way out of it, and we can't grow our way out of it. You need to do all three. Anyone who says with a straight face that we are going to deal with our debt in a serious way without touching revenue, defense spending, Medicaid and Medicare and addressing the solvency of Social Security is either goofy or a radio talk show host."

"Our nation simply cannot afford to have our elected leaders fearfully bow and scrape to the likes of Grover Norquist and the AARP. We need real leaders, courageous leaders who will place the national interest ahead of special interests. The members of the super committee as well as congressional leaders and the president must do just that."

story: http://www.cnn.com/2011/11/16/opinion/simpson-debt-panel/index.html

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There's been talk of a forthcoming agreement by the committee. I for one am skeptical. But is the stage being set?

[PETRUS]

1. Better yet, think more expansively.

Projected future deficits are related to health care expenses. Countries with national, single-payer systems spend about half as much per capita as we do in the US (and produce better outcomes). If we were to reign in health care costs and get them in line with what other advanced nations pay - which would require a substantial amount of political will, as insurers, the pharmaceutical companies, and medical equipment manufacturers represent powerful lobbies - we would have budget surpluses.

Also, Social Security is not insolvent. It is fully funded through 2038, and can pay about 80% of benefits indefinitely after that without making any adjustments whatsoever.

Finally, the US spends far more on defense than any other country - about the same amount or more as the rest of the world combined. Much of that money is unaccounted for. Simply restoring our defense budget as a percentage of GDP to pre-9/11 levels would save more money than the supercommittee is tasked with finding.