Statement by Foundation Chairman, Peter G. Peterson, on President Obama’s State of the Union Address
Statement by Foundation Chairman, Peter G. Peterson, on President Obama’s State of the Union Address
“To build a thriving economy with opportunity for all Americans, the President and Congress must take decisive action to address our long-term debt and deficits. An economy burdened by massive interest costs cannot grow, and the critical resources we need to invest in our future will simply not be there unless we get our fiscal house in order.
The nation can’t afford for our lawmakers to take a year off from fiscal reform, just because this is a political season. Many credible solutions exist, and both parties should pursue them together. There are several bipartisan plans that get the fiscal job done, with consideration of the fragile recovery, compassion for the most vulnerable, and with comprehensive tax reform that is both more fair and more competitive.
A plan that is implemented when the economy is stronger is not only essential for our economic and fiscal future, but would boost confidence today and help to stimulate the current economy.”
Tags:
Fiscal Outlook
Further Reading
IRS Staffing Cuts Will Reduce Revenues, Driving Deficits Higher
Reductions in IRS personnel decrease federal revenues, increase deficits, and significantly exacerbate the gap between taxes that are owed and taxes that are actually paid.
What Is a Value-Added Tax and Should the United States Have One?
Almost all developed economies have a value-added or similar consumption tax — but the United States does not.
Social Security Will Be Depleted in 6 Years — Here Are 3 Ideas to Fix It
Here are three options Congress could enact to close the funding gap.