The White House deficit commission has given America a preview of the shock therapy required to wean the country off its debt addiction: "Deficit Panel Pushes Cuts."
Of course, there's little chance that the recommendations would even get out of the panel because individual actions require agreement from 14 out of the panel's 18 members. Then they have to get through the Senate and the House, where newly emboldened Republicans will oppose any tax hikes and skittish Democrats will oppose many spending cuts.
My opinion? I'm the anti-Krugman: instead of endlessly griping that the stimulus wasn't large enough, I'm on the side that we should go full-bore on debt reduction. The future of America is already on display in England, France, Japan and Greece where sky-high debt is suppressing growth and leading to austerity measures. Better to take our medicine now than to fall into the debt trap later, where escape that will be all the more difficult once the entitlement bomb hits.
Extra - The Economist: "Borrowing has been the answer to all economic troubles for the past 25 years. Now debt itself has become the problem."
More - Lots and lots of reax at Memeorandum.