Bill Moyers reminded me why I like him on NOW this week with his interview of FRB of New York Chairman Pete Peterson talking about the current deficit and future liabilities to retiring Boomers. Very enlightening, and Peterson deftly sidesteps Moyers attempt to use Peterson’s claim soley as an anti-tax cut message (although he makes reasonable suggestions to modify the tax cut).
Peterson articulated much better than Krugman did about the coming economic dangers and the political difficulty in dealing with the Boomer generation as they retire - both in the promises that were made and the economic reality of the situation. He also seems wise to phrase the issue (rightly) as a moral failure to make sacrafices to fund programs of national importance (such as homeland security) instead of saddling future generations with a growing deficit. Refreshing to see some honest commentary on economic matters that doesn’t treat serious concerns as a political football.