August 3rd, 2009 10:21 pm ET CNN AC360 Blog
Hello everyone — Yes, you are right: great to see Erica in the big chair — she fills it out extremely well, don’t you think? And what a pleasure it is to share a conversation with David Walker — he has been like Diogenes carrying a lamp, showing us some hard truths. And the truth is that our spending is heading sharply up — a result of both the Bush and Obama administrations — while tax revenues are heading sharply downward. Unless we want to print up boatloads of money — and set off a wave of high inflation — we will inevitably have to cut back on spending AND raise taxes. For now, let’s get ourselves firmly on the road to recovery and jobs — but one day soon, we will need a reckoning on our government finances!