David Frum: “But on any realistic assessment of the problems faced by Americans – and not just would-be Republican office-holders – it’s the recession, not the presidency, that is National Problem #1 and demands the most urgent action. It won’t be enough to save Obama if he does not deserve saving – but it may be enough to save your neighbor’s house, job, and family. Or even … your own. Republicans after all have been victims of this crisis too. It’s an hour of national emergency even more urgent and overwhelming than the aftermath of 9/11. And things may soon get worse, if the Eurozone begins to crack up, as it seems it may. This is the hour for united action against the economic crisis, not partisan maneuvering.”
David Frum seems like a pretty reasonable guy. Let’s fix the country, not stick to party lines.
This is true if you presume that interest rates stay where they are. Now, take the aggregate debt, an posit that the interest rates go back to their historic norms (not extra high; just the historic norms). Under that scenario, we are screwed, utterly screwed.
What Frum – and lots of other “reasonable” people presume is that today’s low interest rates will stay where they are. Europe will eventually boil over, and it won’t be enough that we “suck less”.