Tough Talk -- More Needed
President-elect Obama has made a number of excellent appointments. He has also spoken directly and in a candid manner to the America people about some of our current and emerging challenges and the tough choices they will require. However, he has yet to state how and when he proposes to proceed to address reforms of the nation's budget processes, Social Security, Medicare, health care and tax systems. Such reforms are essential to putting the federal government on a more prudent and sustainable fiscal path. Hopefully, he will address this issue with more specificity soon. After all, the recent market declines and government bailouts have helped Americans understand that no one can spend a lot more than they make for extended periods of time without suffering adverse consequences. This concept applies to the U.S. government as well.
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