Blaise Pascal, Penseé 347: “Man is but a reed, the most feeble thing in nature; but he is a thinking reed. The entire universe need not arm itself to crush him. A vapor, a drop of water suffices to kill him. But, if the universe were to crush him, man would still be more noble than that which killed him, because he knows that he dies and the advantage which the universe has over him; the universe knows nothing of this. All our dignity consists, then, in thought. By it we must elevate ourselves, and not by space and time which we cannot fill. Let us endeavor, then, to think well; this is the principle of morality.”
Monday, September 17, 2012
"The Magnitude of the Mess We're In"
The above editorial by George P. Schultz and other Hoover Institution fellows appeared in today's Wall Street Journal. It paints a dire picture indeed, both of our debt trajectory: nearly to $20 trillion within ten years. I'll be surprised if it doesn't go higher. A small increase in interest rates will make management of the debt virtually impossible.
Putting this column together with Bob Woodward's new book, The Price of Politics, which shows a White House that is unable to craft political solutions to the crisis, and our future looks bleak indeed.