A Bipartisan Tool to Improve America’s Fiscal Future
"It is easy to look at the state of American politics and feel despair. Instead, we should be motivated to solve big problems," writes Robert Portman
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"It is easy to look at the state of American politics and feel despair. Instead, we should be motivated to solve big problems," writes Robert Portman
"The single most crucial ingredient in a successful commission is complete buy-in from the leadership of both parties," writes Brian Riedl
Debt will continue to accumulate unless reforms are undertaken.
“It’s very encouraging to see bipartisan, bicameral support for a fiscal commission to recommend solutions to our $33 trillion and growing national debt."
Each year, some of the revenue the federal government collects comes from various taxes. In 2012, taxpayers paid almost $2.5 trillion, which the government used to partially fund $3.5 trillion worth of spending on Social Security, health care, and other programs in areas such as defense and education. The remainder of spending was funded through deficits.
While countries continue to recover from the crisis, the international fiscal outlook has not substantially improved.
https://www.pgpf.org/analysis/fiscal-monitor-series-navigating-the-fiscal-challenges
The end of 2023 marks another year that the country has failed to improve its daunting fiscal outlook.
“As the national debt races toward $34 trillion, policymakers remain mired in short-term budget battles that do nothing to improve our fiscal outlook,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2023/11/fci-press-release
Portman, Panetta, Heitkamp, Zandi and others call for bipartisan fiscal commission, outlining spending and revenue reforms to stabilize the debt.
Policy leaders and experts across the political spectrum have put forward a number of comprehensive plans to reduce America’s long-term debt and lay a strong foundation for future economic growth.