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James K. Galbraith – Casting Light on “The Moment of Truth”

From New Deal 2.0:

Casting Light on “The Moment of Truth”

Friday, 12/3/2010 – 9:51 am by James K. Galbraith

Where’s the evidence to back up the fear mongering? A challenge to the Fiscal Commission’s report.

The report of the National Commission on Fiscal Responsibility and Reform, issued on December 1, 2010 by Chairmen Erskine Bowles and Alan Simpson, is entitled “The Moment of Truth.” The words appear in block caps on the second page, weighty and portentous. They reappear in the first paragraph of the preamble:

“Throughout our nation’s history, Americans have found the courage to do right by our children’s future. Deep down, every American knows that we face a moment of truth once again.”

These sentences set the tone. The…

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