1) I would prefer to address debt sustainability with a full employment economy, as the problem becomes easier to solve and we avert the human tragedy we see now.

2) Approaching full employment will increase the denominator in that ratio, which reduces the ratio.

CBO: “We project that debt held by the public will reach 76 percent of GDP this year, the largest percentage since 1950. And, under current laws, we project that debt in 2023 will be 77 percent of GDP—far higher than the 39 percent average seen over the past 40 years—and will be on an upward path.”

“Such High and Rising Debt Relative to the Size of the Economy Is a Significant Concern”

Reaction 1. They are taken so seriously precisely because no one fully agrees with all of their ideas (including their committee). This, reinforced by the idea that everyone must suffer some pain, as pain is the opposite of the gluttonous excess we were all apparently living with before the crisis, is why they are taken seriously.

Reaction 2. Not helpful, but I retain skeptisism of the need to stabilize debt. This is not because it is important, it is because the statement is important obscures the vital debate needed regarding recovery four years ago. Until I see movement, for political reasons, I will not concede your point.

Reaction 3. My fear in acknowledging that debt needs to be stabilized is the rightward shift for Obama. We can negotiate with the opposition, and not ourselves