We need to take responsibility for our deficit and reform our government.
WHITEHOUSE: The 2011 State of the Union Address: Enhanced Version
It called on the government "as sole shareholder, to take on its responsibility for the deficit and engage with all the stakeholders to resolve this matter immediately following conference".
The investment risk and indeed the responsibility for making good a deficit in the required funding levels falls on the employer and not you.
But it is not clear it would pass muster with the House Republicans, who view it (rightly) as a blatant abdication of responsibility that does not stipulate any deficit reduction at all.
Even more worrying, in the short term, is that alarming statistic I flagged up last week: the Office for Budget Responsibility expects us to run a current account deficit of 4% of GDP in 2012.
Investec economist Philip Shaw said he still expected the deficit to overshoot the Office for Budget Responsibility's forecasts from the Autumn Statement last year.
The near-term deficit slowdown does not reflect increased budget responsibility.
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As a result, Mr. Osborne now doesn't expect to eliminate the structural deficit, which the independent Office for Budget Responsibility has helpfully now decided is much smaller than previously assumed, until 2018, three years later than planned.
As far as economists are concerned, the important point from the Budget was that borrowing was going to be broadly flat for three years - leading the director of the Office for Budget Responsibility (OBR) to suggest that the progress cutting the deficit had "stalled".
Recently the co-chairmen of the fiscal commission (real name: National Commission on Fiscal Responsibility and Reform) also introduced some unpopular ways to trim the deficit.
The government clearly want to bind local authorities into the UK deficit reduction process, to 'take their share of the responsibility' as ministers put it.
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As for the deficit, George Osborne told MPs that the Office for Budget Responsibility assesses the government is "on-course" to meet its target of eliminating it in five years time.
When a person in a position of trust and responsibility lets people down, and particularly if the faltering is due to a deficit of character (the usual suspicion and assumption), the person is almost always disgraced and branded for life, without prospect of ever regaining a position of trust (if, that its, he were so presumptuous as to seek one, which he would not be).
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Many are concerned that Ritalin and similar drugs, which aid concentration in those with Attention Deficit Hyperactivity Disorder, are chemical straightjackets that prevent children from taking full responsibility for themselves.
Friday, the 18 members of the National Commission on Fiscal Responsibility and Reform failed to pass an austerity plan to slash the U.S. budget deficit by 2015.
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So far the deficit is running more than 20% higher than last year and well above the Office for Budget Responsibility forecast.
And remember, this is a responsibility that Congress assigned to itself in order to try to get Congress to spend less and be more focused on deficit reduction.
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