Statement from Foundation Chairman Pete Peterson on the 2013 State of the Union Address
“President Obama rightly recognized the importance of both economic growth and deficit reduction in his State of the Union address. While some progress has been made, America still faces a severe long-term debt problem that must be resolved. Recent reforms have done very little to address our long-term structural deficits — debt is still on pace to reach and exceed 200 percent of GDP, which is well beyond anyone’s definition of dangerous and unsustainable.
“Economic growth and long-term debt reduction go hand-in-hand and should be top priorities for the President and Congress. We should act now to put in place a comprehensive plan that reduces deficits once the economy recovers, which would improve confidence and boost our economy in the short term, and strengthen American economic prosperity for the long term.”
Further Reading
Can Investing in the Stock Market Save Social Security?
Given Social Security’s unsustainable finances, some policymakers have proposed incorporating stock market investments as part of a solution.
How Does Labor Supply Impact the Fiscal Outlook?
Labor supply plays a central role in the United States’ fiscal outlook and currently stands at a turning point.
The Current Ratio of Workers to Social Security Beneficiaries Is at an All-Time Low and Projected to Decline Further
Social Security has been a cornerstone of economic security for more than 90 years, but the program is on unsound footing.