The Dilemma

Irwin Stelzer writes for The Weekly Standard, and is concerned with the extent to which troubles in Greece and Italy presage similar troubles here at home. In two sentences he sums up our economic dilemma:

So long as Democrats refuse meaningful cuts in entitlement programs, and Republicans hold out against increases in tax rates, Greece is what we are about to become. Unless, of course, we use our one advantage—the ability to print money to reduce the value of outstanding debts—in which case inflation is in our future.

If I were a betting man, I'd bet on the "printing money" option as it doesn't require much political compromise. Such compromise may be impossible in our deadlocked red vs. blue nation.