Statement on Senate Passage of the Fiscal Responsibility Act
“Unfortunately, this bill does little to address our long-term fiscal challenges," said Michael A. Peterson.
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“Unfortunately, this bill does little to address our long-term fiscal challenges," said Michael A. Peterson.
In 2008, the Peter G. Peterson Foundation was established with the goal of preserving the American Dream for the next generation. My father saw our high and rising debt as a transcendent threat to our future economy – posing a risk to every American, and our leadership role in the world.
"Sound fiscal policy can make it easier for the Fed to bring inflation down without pushing the economy into a recession," writes Ben Ritz.
Gridlock "means ever rising debt as a share of GDP, the prospect of economic turmoil, and lower living standards than otherwise for our children and grandchildren," writes G. William Hoagland.
Fitch Ratings recently downgraded the U.S. long-term credit rating from its top mark of AAA to AA+.
https://www.pgpf.org/blog/2023/08/what-the-fitch-downgrade-says-about-our-fiscal-challenges
“Our high and rising national debt is a pressing issue for the future of the nation, and the August recess presents an opportunity for a conversation between lawmakers and constituents about solutions,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2023/07/fci-press-release
“Sadly, we rung in the new year reaching a new record milestone of $34 trillion in national debt,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2023/12/fci-press-release
The greatest gift today’s leaders can give to future generations is the fiscal room to solve their own problems.
The most precious asset the nation has is its people. But we are leaving far too many behind.
In around six years, the national debt will likely exceed its all-time high of 106 percent of gross domestic product (GDP), which occurred in 1946.