So, About That Deficit Commission

And yet, I have no more plausible plan to offer. The magnitude of deficit reduction required is far greater than anything we've had to do so far (except in post-war interludes where the solution was to um, not spend so much money shooting at people). There is no magic pot of money out there that does not come attached to some angry interest group.We have to deal with that problem now. Oh, I don't think the bond vigilantes are ready to ride just yet--but they're holding back precisely because they assume that we'll eventually wise up and do something, the way wealthy developed nations usually do. But if they start to suspect that we can't--well, we'll be in for an extremely rapid and unpleasant progression of events.I doubt that this is the final plan, but I suspect that it is like the final plan in most essential respects--most especially in that it will make almost everyone ferociously angry, and politicians will not be eager to vote for it.