After the Supercommittee, Fiscal Policy Questions Still Have to be Addressed
The end of the supercommittee doesn’t mean the end of the fiscal policy debate in Washington.
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The end of the supercommittee doesn’t mean the end of the fiscal policy debate in Washington.
“If we stay on this path, we’ll leave our kids and grandkids with diminished resources, opportunity and quality of life," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
“No review of the state of our union is complete without acknowledging our nation’s high and rising debt," Michael A. Peterson, CEO of the Peter G. Peterson Foundation, said.
Populations are aging in many countries.
https://www.pgpf.org/chart-archive/0116_aging_world_population
Low-income seniors rely on Social Security benefits for a major share of their retirement income.
https://www.pgpf.org/chart-archive/0018_social-security-low-income
Retired workers make up 70 percent of Social Security beneficiaries.
https://www.pgpf.org/chart-archive/0243_oasdi-beneficiary-percentages
Based on the Trustees’ projections, combined Social Security benefits could be cut by 20 percent in 2035 without legislative action
https://www.pgpf.org/chart-archive/0246_social-security-20-percent-cut
Social Security will run a cumulative cash deficit of $2.9 trillion between now and 2035.
https://www.pgpf.org/chart-archive/0030_social-security-deficits-gdp
“Our high and rising debt makes us less prepared for the next pandemic, less secure against future adversaries, less resilient to the changing climate, and less able to build the strong," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.