Bush unites left and right: They agree we're going broke

George Bush has at last succeeded in uniting somebody. He's united the conservative Heritage Foundation and the Brookings Institution. Both agree that the financial course Bush has charted for the country will lead to the collapse of our economy unless we implement large tax increases or cut spending by around 60%. Welcome to the Bush legacy.

With startling unanimity, they agreed that without some combination of big tax increases and major cuts in Medicare, Social Security and most other spending, the country will fall victim to the huge debt and soaring interest rates that collapsed Argentina's economy and caused riots in its streets a few years ago.

"The only thing the United States is able to do a little after 2040 is pay interest on massive and growing federal debt," Walker said. "The model blows up in the mid-2040s. What does that mean? Argentina."

"All true," Sawhill, a budget official in the Clinton administration, concurred.

"To do nothing," Butler added, "would lead to deficits of the scale we've never seen in this country or any major in industrialized country. We've seen them in Argentina. That's a chilling thought, but it would mean that."

Each of the three had a separate slide show, but the numbers and forecasts were interchangeable.