Since we write about public opinion and believe strongly in public engagement, we'll be the first to admit that much of the public is woefully uninformed about the federal budget and the country's choices for getting a handle on its mushrooming national debt. Most Americans know it's a problem, and they want it fixed. After that, things get a lot hazier.
Unfortunately, the country's leadership has now frittered away much of the time we could have used to educate the American people on this issue. President Obama is submitting his proposed budget Monday, and Republicans are already putting out their counter-plans, but neither has really laid the groundwork with the public for the implications of the spending cuts or tax increases that are necessary if we really want to get our finances under control. Now we really need to get a move on, and the electorate is both unrealistic and cranky.
So here goes. Here's what Americans really need to know (in 500 words or less):
- We have to start now because this could get ugly really fast. In about 10 years, the federal debt will be as big as our entire economy --100 percent of GDP. We'll be spending more on interest payments than on defense.