PublicFutures Blog

The admonitions to pay attention, remain vigilant, and confront reality have never been more relevant as 2012 begins. To retain a reasonable measure of optimism, one almost has to ignore ominous signs and focus on those with less potential of tipping us into the abyss. However, because time is relentless, we must remain just as relentless in our commitment to emerge stronger than ever. It’s not merely the American Way; it is also the best alternative.

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Austerity is not a negative option for government or business. The world has changed and we must embrace new realities. Currency and economies are fully interconnected; markets rely on one another; banks operate globally. The U.S. still has huge loan issues that inhibit confidence and undermine otherwise reasonable economic options. The sooner we get serious about austerity, write-down unrecoverable debt, and begin building a new foundation for a sustainable future, the sooner America will recover.

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At a time when most Americans prefer debt reduction and ending unnecessary foreign conflicts, Congress dabbles in political brinksmanship bordering on criminal neglect. If Congress were a major corporation with competent management and a serious board, it would have taken action long ago. Debt would have been retired, new revenue sources would have been explored and new enterprises launched. There would be retraining, retrenching, re-visioning, and general operational restructuring. It would cut costs, eliminate nonsensical services and focus on ROI. Right the ship, THEN return to more sustainable management. Any fool knows the key is to act…now.

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The climate is shifting, the housing bubble remains problematic for millions of homeowners, oil prices are escalating, and deferred maintenance has become a way of life. We are living on borrowed time and still cannot bring ourselves to quit posturing, reduce spending, focus on the essential, and take sensible corrective action. Keep in mind that, as we debate and dink around, the most serious variables are bearing down on this country.

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Having courage means facing both knowns and unknowns. Once the facts are known, the burden of action passes to the knowledge holder; there are no excuses for inaction… especially now, when the financial data are becoming clear. While one may be accused of tilting at windmills, the truth is, the U.S. is facing enormous difficulties. We know that unfunded entitlements (Medicare and Social Security) dwarf public debt and programs by almost 9 to 1. The numbers are staggering; there are obligations of close to $100 trillion in unfunded long-term entitlement payments. The meager diddling that is now being done by Congress is not nearly enough. In fact, it is pathetic when measured against what is at stake for America.

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There continues to be concern about the difficulty of attracting the best and brightest, along with new enterprises when many communities have little to offer, based on the latest criteria for sustainable cities. What if these smaller, more isolated cities are just great places to live and raise a family? What if one can find peace, harmony, space, and friendship there? Does that count for something? Certainly, but the question was about creating growing, vibrant, sustainable cities. Can you have it both ways? Not always.

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2011 brings a new year with renewed promise and opportunity, but also ushers in new challenges, with budget shortfalls, eroding infrastructure, declining immunization rates, climate change, costly wars, lost programs and decimated services. This year will be difficult for many public agencies. Stimulus funds have been spent and additional funds are unavailable. States are on their own – isolated by the mere fact that they alone are accountable for balanced annual budgets. Years of expansion have dulled the ability of many managers to effectively conduct meaningful triage at a time when elective reductions are essential. And, many budding challenges were sown with promises that could not possibly be kept.

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Here’s the deal: the future is coming. It is ours and it is our turn at the helm. We are the big kids who make (and break) the rules, make the decisions, and take the risks. Unfortunately, those decisions and risks will have a profound impact on future generations. The old adage, ‘Risk what you can afford,’ has merit here. Whatever we do over the next few years, it had better make a difference…but it will not be easy.

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It is simple math. You can’t have it both ways. Major cuts are required and higher taxes of some sort are essential. The U.S. cannot survive with its current spending level. It either seriously reduces spending among historically sacred entitlements and critical programs or it increases revenue. Due to the level of pre-existing interest payments, entrenched public programs, entitlements and defense, it would cause great socio-economic harm to cut too much too fast. But, doing nothing is a mistake. The reluctance to act is primarily why we are in this mess.

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