The Norman Transcript

Headlines

October 9, 2012

Bowles, Simpson emphasize sacrifice

NORMAN — Two speakers give no-nonsense look at U.S. financial crisis

Erskine Bowles and Alan Simpson, presidentially appointed co-chairs of the National Commission on Fiscal Responsibility and Reform, gave President’s Associates guests a no-nonsense look at America’s financial crisis and the necessary actions to mitigate it Monday evening.

As authors of a bipartisan-supported plan reducing the nation’s deficits by $4 trillion over the next decade, Bowles’ and Simpson’s perspective is a widely cited reference point, encompassing both the harsh realities facing the nation and the hope that they can be overcome.

“Erskine Bowles and Alan Simpson were given a thankless task, and we’re lucky to have such people in our society and in our presence tonight,” OU President David Boren said.

Speaking to a packed ballroom in the University of Oklahoma Memorial Union, Bowles and Simpson drew as many laughs with their frank humor as gasps for the grim facts and statistics, emphasizing one necessity above all others: sacrifice.

“Don’t let politicians tell you we can ‘grow’ out of this,” Bowles said. “We can’t cut our way out, and we can’t just raise taxes. There must be shared sacrifice from everyone.”

Bipartisan gridlock and poor leadership were issues raised, but Bowles’ brief address stuck to the five principal challenges to fiscal stability: health care spending, defense spending, U.S. tax code, Social Security and compound interest.

Calling the current tax code “ludicrous,” “anti-global” and “anti-competitive,” Bowles condemned back-door spending and advocated for a slimmer defense budget, saying the U.S. “can’t afford to be the world police.”

“When (the commission) sat down to look at the numbers (in 2010), we were thinking to plan for our grandchildren’s futures, but the more we looked at it, the more we realized this is for us, right now,” Bowles said. “Our country faces the most predictable economic crisis in history, and it’s also the most avoidable. Our deficit is like a cancer, killing this country from within.”

Text Only | Photo Reprints
Headlines
  • Coaches Luncheon Mixon question off-limits at coaches luncheon

    Toby Rowland addressed the elephant in the room even before Oklahoma football coach Bob Stoops, defensive coordinator Mike Stoops and offensive coordinator Josh Heupel arrived Wednesday at Journey Church....

    July 31, 2014 1 Photo

  • Mixon will not participate in practice

    Preseason practice begins for Oklahoma today. Freshman running back Joe Mixon will not be there. The school announced the decision Wednesday night....

    July 31, 2014

  • Nova Pettigrew Music community bands together to raise money for 2-year-old’s battle with rare form of cancer

    Two-year old Nova Pettigrew was diagnosed with a rare form of cancer six weeks ago. Her father, former Deli sound technician and musician James Pettigrew, noticed something was wrong when running turned to walking, then limping, then ...

    July 31, 2014 1 Photo

  • Deputies cleared, return to work

    Two deputies involved in a deadly shooting earlier this month are expected to return to work today after being cleared by the Cleveland County District Attorney’s Office. “They (the Sheriff’s Office) gave me their investigation, I ...

    July 31, 2014

  • Sales tax-free weekend set to begin this weekend

    When stores open Friday morning, shoppers may be waiting. Oklahoma’s annual sales tax holiday is slated to run this weekend with the special exemption beginning at 12:01 a.m. on Friday and ending at midnight on Sunday....

    July 31, 2014

  • India landslide kills 21

    NEW DELHI — Rescuers worked in rain today to dig through a remote village in western India where at least 21 people died as a landslide swept away scores of houses, possibly trapping many more people under debris, officials said....

    July 31, 2014

  • Israeli strike hits UN school

    GAZA CITY, Gaza Strip — Israeli artillery shells tore through the walls of a U.N. school crowded with sleeping war refugees and back-to-back explosions rocked a market filled with shoppers Wednesday as Israel’s stepped up campaign against ...

    July 31, 2014

  • Busted water main dumps 20 million gallons of water into UCLA’s Pauley Pavilion and adjacent garage

    LOS ANGELES — The rupture of a nearly century-old water main that ripped a 15-foot hole through Sunset Boulevard and turned a swath of the University of California, Los Angeles into a mucky mess points to the risks and expense many cities ...

    July 31, 2014

  • GOP-led House gives go-ahead for suit

    WASHINGTON — A sharply divided House approved a Republican plan Wednesday to launch a campaign-season lawsuit against President Barack Obama, accusing him of exceeding the bounds of his constitutional authority. Just a day before ...

    July 31, 2014

  • Felonies filed

    The following people were charged with felony counts in the Cleveland County Court Clerk’s Office: · Randall Lee Sherrill, 34, possession of juvenile pornography · Dewey Leon Kinsey, 37, possession of controlled dangerous ...

    July 31, 2014