Statement from Foundation Chairman Pete Peterson on the 2013 State of the Union Address
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
How the National Debt Raises Costs for Households, Businesses, and Younger Americans
The rising national debt imposes real costs on Americans, contributing to their affordability concerns and jeopardizing their economic security.
Fed Holds Rates as Interest Costs on the National Debt Top $1 Trillion
High interest rates on U.S. Treasury securities increase the federal government’s borrowing costs.
Most Get More from Social Security and Medicare Than They Pay In
Understanding lifetime tax and benefit payments, and how those lifetime balances vary, can help policymakers better target reforms to ensure the programs can be sustainable for decades to come.