The Looming Crisis

Robert Samuelson on what needs to be done to get our fiscal house in order.

The problem is not reducing the deficit. It is controlling spending in a way that seems socially just, economically sensible and politically tolerable. If we are honest -- neither party has been -- it means asking how much we allow benefits for the old to burden the young through higher taxes, lower public services, slower economic growth and weakened national security.

Any genuine debate must be wrenching because government has promised more than it can realistically deliver, and lower benefits or higher taxes will leave many feeling (justifiably) mistreated. No one would be happy. Liberals would have to accept sizable benefit cuts; conservatives, tax increases.

Bring on the unhappiness before it gets worse