The following post was written by one of CRE followers:
The problem with “Debt Restructuring” is that it requires pain. Any effort to correct this problem will require significant economic pain. Americans refuse to accept economic pain, and they will vote out any politician that brings them pain, even if poses well meaning pain aimed at eliminating the massive deficit and Fed balance sheet. This makes getting our fiscal house in order a political non-starter in Congress, where the action must take place. No cuts to Social Security or Medicare for these people. Most Americans would rather kick the can down the road, collect their government checks, and let future generations deal with their mess.
