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With a growing chorus of support for the establishment of an independent budget commission, I thought it wise to weigh in. But before we get to the budget commission itself, let's first discuss the underlying policy issue: deficits.

The deficit is a funny political issue. On the one hand, it often riles up politicians, who use it as evidence that the government (and the party in power) is dysfunctional and isn't responsible with taxpayers' money. On the other hand, few of these same politicians actually propose doing anything specific to solve the problem. They usually just fall back on the old cliché of "cutting waste," whatever that means. The problem is apparently important enough to complain about in a very serious voice on the Sunday talk shows, but not important enough to offer specific solutions.

Last week, the Supreme Court ruled (pdf) that corporations should be allowed to spend freely in political elections. The decision will have a profound impact on how candidates are elected, starting with the Congressional campaigns in the fall. And the reactions have been heated.

Less than half of Millennials, Americans age 18 to 29, believe when they are their parents' age, they will be better off, according to the "Survey of Young Americans' Attitudes Toward Politics and Public Service" (pdf) from Harvard University's Institute of Politics.

Ten Democratic senators recently issued an important call to action for Majority Leader Harry Reid to support efforts to get America's long-term fiscal imbalance under control. One can only hope Senator Reid listens.

This Wednesday, YPNation is hosting a panel discussion on the sustainability of our fiscal future; I will be one of the three speakers. My post today is a preview of my argument for how we should approach the topic of our fiscal future, and what our policy goals should be.

Tomorrow, I'll join fellow YPNation contributors Ethan Pollack and Marc Goldwein on a panel discussion about America's fiscal future. (Be sure to tune in here.) As Ethan previewed, we'll be investigating what young professionals need to know about the current state of fiscal affairs and what they can do to build a better economic future. For my part, I'll be discussing the federal budget picture and what the government should-or should not-do to get it's fiscal house in order.