Erskine Bowles spent his first day of "retirement" spreading doom and gloom.
Bowles, who stepped down as president of the UNC System Friday, used his time as a keynote speaker at the Economic Forecast Forum in Durham today to discuss the "abysmal" federal budget situation.
Bowles compared current budget policy to a "cancer" that will "destroy our country from within.
"We're facing the most predictable economic crisis in history," he addd. "The path we're on now is unsustainable."
Bowles has kept his other job, as co-chairman of President Obama's deficit commission. He didn't discuss what his other plans might include, but made it clear he's eager to fight for his commission's controversial proposals to slash federal spending, reform the tax system and make a variety of other changes to balance the federal budget.
Critics have attacked much of the commission's plan, but some recommendations are expected to be considered as Congress wrestles with a new budget.
"We've got some tough choices we've got to make," he added. "But if we don't make them, I think America will end up a second-rate power. If we do them, we can compete and we can win."
Comments
The future is here.
January 4, 2011 - 10:08pm — redriverMaybe Erskin can convince those in power of the urgency of the situation, yet as history shows us, those in power are the last ones to realize dire situations. This situation has not simply apeared from the fog, it has been building for years with each group punting it to the next group. I think we have maybe have 2 years to get this economy on track or else we will surely see hard times. As for the leaders doing what must be done, don't hold your breath. I have no faith that our leaders in congress and the whitehouse when it comes to such matters. They are simply not capable of handling such a task. They would rather listen to economist such as Krugman explain why deficits don't matter. Erskin is right and no one in Washington is listening. We have come so far yet learned so little.