Statement from Foundation Chairman Pete Peterson on New Simpson-Bowles Deficit-Reduction Framework
“Alan Simpson and Erskine Bowles have again shown tremendous leadership in focusing the public’s attention on our nation’s serious long-term fiscal challenges and keeping all options on the table as they seek bipartisan solutions. Simpson and Bowles make clear that improving economic growth and addressing our long-term fiscal challenges is not an either-or proposition. We can and must do both. Simpson and Bowles are offering Washington a way beyond its current impasse with a new, comprehensive framework to strengthen the economy, reform the tax code, and fix the major drivers of long-term debt. Their ideas deserve serious consideration in Congress and at the White House.”
Further Reading
Rising National Debt Increases Costs for American Families and Businesses
Federal fiscal policy is a significant but often overlooked factor in the affordability of vehicles, homes, and small business loans.
Payroll Taxes: What Are They and What Do They Fund?
Payroll taxes fund social insurance programs including Social Security and Medicare and are the second-largest source of revenues for the federal government.
Tax Reform Alone May Not Be Enough to Stabilize the National Debt
A new report from the Tax Foundation breaks down the drivers of the fiscal imbalance and concludes that tax increases alone cannot solve the problem.