Does The Gang of Six Have A Chance?

The idea of politicians constructively dealing with the national debt has been the source of much laughter for years. The Gang of Six just might be changing that.

What is the Gang of Six? It is a group consisting of six Senators that are trying to find a solution to the national debt problem while also building awareness of it and support for doing something among their fellow Senators. Of critical importance, the group consists of both Democrats and Republicans.

The Gang of Six was started by Senators Mark Warner, a Virginia Democrat, and Saxby Chambliss, a Georgia Republican. They’ve since enticed Senators Tom Coburn (R-Okla.), Mike Crapo (R-Idaho),  Kent Conrad (D-N.D.), and Richard J. Durbin (D-Ill.) to join them.

The group is working in a subtle, out of the public light, manner to try to come up with a solution. The total debt of the country passed the 90 percent of GDP level last year, a level that historically has led to massive economic collapse in countries. In short, the fecal matter has hit the fan.

Can the Gang of Six come up with a solution to the problems facing us? Nobody knows, but they are hitting on the correct themes. They are focusing on the third rail of politics, to wit, entitlement and military spending while also acknowledging the tax code needs to be pitched out the window. Ultimately, this is what has to happen given the national debt. There simply is no other choice, so it is good to see they are on the right track.

The real question now is whether YOU are ready for change. Are you ready for 69 being the qualification age for Social Security? Are you ready for the mortgage interest deduction to be quashed? These and other issues are going to be hard to digest at first, but they must be if we hope to continue as a financial power in the world.

I’ve never held out much hope for the politicians doing anything unless there was a crisis. If Democrats and Republicans can sit down at the same table and talk like adults, perhaps I am wrong. Let’s hope so.

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