France, the United Kingdom and the United States, among other countries, face a need to erase or reduce budget deficits to address a longer-term problem of growing national debt.<\/p>\n
The economies of Portugal, Italy, Greece and Spain are an example of what can happen if countries don’t address these issues sooner rather than later.<\/p>\n
The U.K. and France have taken draconian, unpopular steps to tackle the problem, but the United States so far is avoiding the issue. The Republicans are babbling on about cutting the deficit and reducing the debt, but, when asked where specific cuts can be made, offer nothing. The Democrats indicate they may understand the problem better, but, on the eve of the midterm elections, they cite the danger of cutting government expenditures when the economy is in recession, even though economists claim it isn’t….<\/p>\n
There may be reason to believe that after the U.S. elections next week, the Obama administration and Congress, whatever its coloration may be by that time, will address the American version of this pressing problem. Tempting though it may be for Washington’s leadership to pretend otherwise, a $1 trillion-plus deficit and a soaring $13 trillion debt simply cannot be ignored.<\/p>\n