How governments manage their finances gets far less attention than it deserves. The intricacies of government finances make it a difficult topic for popular media to cover. But as with any household or business, if the finances are not in order, nothing is going to work.
The finances for most governments today, at every level, are not on sustainable courses. And they are racking up debt at a breath-taking pace and dramatically under investing in basic infrastructure. At the epicenter of the crisis are the promises government has made to future retirees. This will be the most significant challenge we will face over the next generation. It is past time for a serious public discussion about the management of our government finances.