Monday, July 18, 2011

Charts and Debt/Deficit update

Well, as I mentioned last week it seems like the status quo is winning in Washington and the most likely deal will be "Let's just kick the can until after the 2012 election." I'll predict some agreement will be reached that will look like the McConnell plan - some minor spending cuts (heavily back end loaded) and an agreement to move the debt ceiling up (most likely giving the President sole authority so Congress can vote against it knowing that their vote will be meaningless).

We will get some more showboating from Congress but in the end, I think all reasonable people understand that this debt debate is like causing a self-inflected wound on our economy.

Almost, everyone in NNY has benefited directly or indirectly from the defense spending boom that has occurred over the past 10 years.

However, as we get ready to wind down wars on two fronts I think we're going to have to get ready for a period in which defense spending begins to revert to the mean which over the past 65 years has been about $400 billion annually (inflation adjusted dollars). Well, if spending is curtailed from its current level (near $750 billion) that means leaner times in communities that are very reliant on military bases - like NNY.


This is the debate that should really be at the heart of any discussion about spending.......

Our healthcare expenditures per citizen are WAY above average and yet our life expectancy is well below countries like Japan or Italy. A blended healthcare model that uses the best aspects of the Japanese, Australian, and Swedish models would be worth testing in the US.



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