The budget surplus myth

On Thursday the White House published the chart below that explains how the nation got from the Clinton-era budget surplus and the projection that it would eventually pay off the U.S. national debt to the $14 trillion debacle we’re facing only a decade later.

U.S. National Debt

(Click on the image for a slightly more legible version.)

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$14.27 trillion is owed to wide variety of holders of U.S. Treasury securities

$14.27 trillion is owed to wide variety of holders of U.S. Treasury securities || “Who Holds the Federal Debthttp://ow.ly/5MSWB

It doesn’t matter if you’re on the left or right

It doesn’t matter if you’re on the left or right but our elected leaders should reflect on Peter Finch‘s speech from Network (it was largely due to this iconic speech that Finch won the Academy Award for Best Actor):

It was true 25 years ago and it is true today.  There are no easy solutions and there are no convenient compromises but solving the financial crisis that faces us is not optional and it cannot be done without sacrifice, but it must be done.  Mr. Obama and Mr. Boehner please get back to work.