Peterson Foundation Statement Ahead of President’s State of the Union Address
“By any measure, the state of the Union’s fiscal outlook is unsustainable, and getting worse,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
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“By any measure, the state of the Union’s fiscal outlook is unsustainable, and getting worse,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
As policymakers consider how best to address our looming fiscal challenges, there is a growing debate about whether the U.S. can reduce defense spending without jeopardizing its national security.
With the national debt at $26 trillion and counting, the nation’s fiscal health is a key issue for the 2020 campaign.
Defense spending by the United States accounted for nearly 40 percent of military expenditures by countries around the world in 2023.
The U.S. spent $820 billion on national defense during fiscal year (FY) 2023 according to the Office of Management and Budget, which amounted to 13 percent of federal spending.
https://www.pgpf.org/budget-basics/budget-explainer-national-defense
The United States spends more on defense than the next 9 countries combined.
Framing the national debt as a national security imperative, the Coalition for Fiscal and National Security is led by a group of distinguished defense, economic, and foreign policy leaders calling for sound fiscal and defense policies to reflect the realities of the 21st century.
https://www.pgpf.org/pgpf-programs-and-projects/coalition-for-fiscal-and-national-security
National security is both a vital priority and a significant part of the federal budget.
https://www.pgpf.org/infographic/infographic-the-facts-about-us-defense-spending
They are burdened by record student debt. They are entering the workforce during a time of unprecedented economic uncertainty, in a nation with crumbling infrastructure, a climate in crisis, and rising inequality.
By making smart, strategic decisions about future national security requirements policymakers can ensure that our military is strong and that we are prepared to defend our nation from threats while also avoiding potential waste of precious national resources