NPR: Economists Bring Tale of Fiscal Woe to Your Town

Economists Bring Tale of Fiscal Woe to Your Town

They've been on the road since 2005, traveling to towns across America and talking about ... the nation's financial health?

Policy experts from across the political spectrum are taking part in the Fiscal Wake-Up Tour. As All Things Considered reports, these traveling economists want to make it clear to people — and the politicians running for president — just how dire the situation could become.

Basically, their message is that if the government doesn't stop spending like a drunken sailor on shore leave, the nation's debt — which is already an alarming $50 trillion when you factor in the obligations the federal government has promised to pay out in the future — will become uncontrollable. And that will impact our standard of living — and not in a good way.

As Robert Bixby, executive director of the advocacy group Concord Coalition, told a gathering earlier this year, it's a matter of arithmetic, not ideology. "Whether you are liberal, conservative, middle of the road, Democrat, Republican, Independent, the numbers don't add up," Bixby said.

The biggest problems, the experts say, are Medicare, Medicaid and Social Security. U.S. Comptroller General David Walker says the government is spending every penny it takes in from Social Security taxes. As a result, nothing is put aside to pay for actual benefits when people need them down the road. And health care costs are rising by more than 6 percent a year, affecting Medicare and Medicaid.

So can a lecture tour featuring policy wonks with PowerPoint presentations about a subject as dry as the national debt have much of an effect? Maybe we should ask former Vice President Al Gore.

12:16 PM ET | 11-19-2007 | permalink

Comments (Send a comment)

We, the people, have allowed our politicians to run roughshod over us. All that matters to most of them, is getting re-elected. Add in generations of people that believe the government owes them a living, and you have a recipe for disaster. We are headed for one unless drastic changes are made. Unfortunately, I don't see any candidate running that would be able to change our direction, even if they wanted to.

Sent by Karl R. Gettmann | 1:07 PM ET | 11-19-2007

i don't like that comment about generations of people who believe the govt owes them a living...and who might those people be? i wouldn't go alienating anybody on the playing field. you're going to need everybody to get this ship on the water again.

Sent by abena nkromah | 3:01 PM ET | 11-19-2007

So, the federal budget sky is falling, again! Getting very tired of Concord Coalition GOP for all their budget earmarks and running up deficits after Clinton brought them under control. I have no children, so I want all of you and your progeny to pay for my entitlements. So sad, too bad!

Sent by N.A. Moyer | 3:05 PM ET | 11-19-2007

The global economy is changing, which doesn't necessitate paranoia.

Yes, this hemisphere's economy is heading toward the Amero. We are going the route of the Euro. It's the sign of the times. Nothing is constant except change.

Sure, change frightens people. It's an easy target in which to create fear. Just as interpreting the Constitution by the Supreme Court changes. After all, this is not 1776, anymore.

Funny how people people with cellular phones don't seem upset they can't find a telephone booth anymore, get all excited when they hear the global economy is making changes.

fred call

Sent by fred call | 4:43 PM ET | 11-19-2007

Don't you mean the George Bush is borrowing money from Social Security to pay for his war in addition the the bugeted amount and the "special budgeted" amount. He continues to say he is reducing the national debt but the media will not call him on this.

Sent by C. Rose | 4:44 PM ET | 11-19-2007

Anyone still see the GOP as the party of fiscal responsibility and less government? Here's a strong cup of coffee for ya.

Sent by John R. Otten | 4:46 PM ET | 11-19-2007

Even FDR, who created Social Security, privately didn't like Social Security. You got to Remember, Teddy Roosevelt was a Republican.

And even FDR predicted Social Security was a 'temporary' alternative, as the Baby Boom generation expanded the American demographics in enormous ways.

fred call

Sent by fred call | 5:03 PM ET | 11-19-2007

I use to say that if we can get through the rest of this administration without getting into a nuclear war, we got out easy...but to be honest, every human life that has been lost due to the dishonesty, every dollar that has been lost to war profiteers and the enormous amount of dignity we have lost in the world will be with us for generations...as will the enormous debt that has been amassed in the name of 'democracy'. All great empires come to an end due to blatant arrogance mingled with observable ignorance, I think we are close to reaching the end of our status as 'world power' as we spend the next generation or two (or three) trying to band-aid the enormous gash our elected officials have allowed to hemmorhage money, almost unchallenged, for so long. We're expecting the least affected people to fix a problem they had a large part in creating.

Sent by v. yanez | 6:00 PM ET | 11-19-2007

The public has no clue what is about to happen. Congress intends to keep tweaking down reimbursement for government-sponsored medical services. The Centers for Medicare actually calculate what it costs to do the work and the set the payments at 15% less. This is like WalMart moving into a community. It destroys the jobs and quality of the providers and products.

The US will see a move to high deductible plans for bpoth public and private payors. There is about to be a refusal of most medical caregivers to take the government mandated rates for care. This means people with these insurances will show up at the doctor ready to pay, and the sick person will deal with the insurers, rather than the medical practice.

It is not going to be pretty.

Sent by Samuel Hunter | 10:45 AM ET | 12-01-2007

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