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By Peter Peterson
Published: February 28 2011 23:27 | Last updated: February 28 2011 23:27
The Congressional Budget Office recently announced that this year's US budget deficit will be $1,500bn "“ a grim figure that is dominating the attention of policymakers. Frequently overlooked, however, are our long-term structural deficits and debts; these are the biggest threat to our economic future.
Furthermore, policymakers tend to think of public debt problems in purely national terms, but US debt is not growing in isolation. It is part of an international debt bubble being inflated simultaneously and unsustainably by fundamental demographic changes and vast unfunded promises in virtually every advanced economy. Bubbles eventually pop "“ and ignoring this one could be calamitous.
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