FROM THE FISCAL CHAIR'S MOUTH
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|First came Siskel & Ebert, then came Simpson & Bowles. Erskine Bowles says the federal deficit is a cancer that destroys from within, and coming together is the only solution Congress has. The five things it needs to change: healthcare, defense, the income tax code, social security, and compound interest. (He makes it sounds so easy.) Erskine, speaking at CoreNet event at the Grand Hyatt last week, says the country can't grow or tax its way out of the deficit. To stabilize debt, the government needs to cut its budget $4 trillion in the next 10 years. "We're running out of money. Now we need to start thinking."|