Alan Greenspan was on Meet the Press this morning, and David Gregory asked him if ongoing deficits were a threat to our superpower status.
Greenspan said yes, and went on at some length about the dangers of a high national debt.
It reminded me of Greenspan's testimony before Congress at the beginning of Bush's first term, warning of the dangers of a national surplus.
I wish Gregory had asked the simple question: Which is worse, surpluses as far as the eye can see, or deficits?
More importantly, does Greenspan reqret his role in convincing congress to waste the opportunity to pay down the debt when we had the chance?
The current fiscal problems are not just the result of the housing bubble and the recession. Those crises have been exacerbated because we didn't act responsibly when times were good. Greenspan encouraged that wastefulness, and should be asked about it. But maybe that's too much to expect from Meet the Press.