NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today on the Trump administration’s budget proposal for Fiscal Year 2021:
“Today’s budget proposal relies on optimistic projections for economic growth and unlikely budget cuts to illustrate deficit reduction. The reality is that in order to manage our rapidly growing debt, we need to address the big issues — the aging of our population, rising healthcare costs and inadequate revenues.
“Economic growth is critical for improving our fiscal situation, but the irony is that the longer we wait to deal with our debt problem, the worse our economy will be.
“Over the long term, our fiscal path represents an inter-generational injustice that funds current consumption over investment, and passes the bill to our kids and grandkids. With interest costs already at $1 billion a day and doubling every ten years, we are not taking the right steps to build the future we want.
“This new budget season is an opportunity for the president and Congress to advance fiscally responsible policies that will put our nation in a position to meet our most pressing challenges, now and for the next generation.”
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