The impact of enacting the Fiscal Commission (or not extending tax cuts to the middle class)

There are really two options - Gridlock and Action. In a world of gridlock, the Bush Tax Cuts expire for everyone making the work of the Fiscal Commission unnecessary. In a world of action, the middle class tax cuts are made permanent - or are simplified and replaced with the Fiscal Commission's recommendations, with other spending cuts making up the difference.

What is the result of either scenario? We pay back the Chinese and the wealthy to the extent necessary for the Federal Reserve to hold all American debt -although the reserves of other nations may also wish to hold some of it as well.

All this assumes a static world. I'm not sure we can assume that. The Social Security recommendations go for 75 years. Look at life 75 years ago and tell me with a straight face that you could have predicted current events then.

Just some perspective.