America has a very expensive promises problem — and the bill is coming due

America has a very expensive promises problem — and the bill is coming due

The uncomfortable truth about America's deficit crisis: even dramatic tax hikes or spending cuts can't fix a $1.78 trillion shortfall through policy alone.

Every four years, Americans fall in love with a fantasy. A new president will change the federal deficit. Republicans promise growth will outrun the debt. Democrats promise taxes on the rich will f… [+3915 chars]