The President on the Debt

I find it both a welcome relief and an ironic twist of fate that President Obama now feels compelled to address the issue of our national debt. In an interview with Fox News, (another ironic twist given Mr. Obama’s hitherto reluctance to speak with Fox reporters), the president said that if government debt were to pile up too much, it could lead to a double-dip recession.

The interview came out of Beijing, China, where the president is wrapping up a meeting with Chinese leaders. In the interview, the president said that his administration faces a delicate balance of trying to boost the economy and spur job creation, while putting the economy on a path toward long-term deficit reduction.

“It is important though to recognize if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the U.S. economy in a way that could actually lead to a double-dip recession,” President Obama said. 

Hey, Mr. President, I am glad you finally realize this, because it’s something fiscally responsible folks out there have known for a long, long time. The question now is what are you going to do about it? I guess we’ll have to wait for solutions later, but until then, I have to admit that admitting you have a problem is the first step toward recovery.