Peter G. Peterson, a lifelong Republican and chairman of the Federal Reserve Bank of New York is speaking out. His new book, Running On Empty: How the Democratic and Republican Parties Are Bankrupting Our Future and What Americans Can Do About It addresses his deep concerns about the federal deficit. Due to this deficit–the largest in our history–Peterson cautions that our nation will someday soon face a fiscal and moral crisis of unmentionable proportions. To give an idea of how bad the situation is, Peterson said we currently borrow two billion a day in foreign capital each and every day. This is money that will need to be paid back at a future date, not by the borrowers, but by their children and grandchildren. Hence, the moral aspect of his well constructed and timely arguement.
