Statement from Foundation Chairman Pete Peterson on Sequestration
“Sequestration represents nothing less than a failure of government in Washington. Sequestration is the wrong way to reduce federal spending. The key goal of any sustainable fiscal policy is to stabilize the debt as a share of our economy and put it on a downward path for the long term. The sequester fails to stabilize the debt because it only targets discretionary spending, rather than addressing the real drivers of long-term debt, including Medicare and Medicaid health care spending, Social Security, and the lack of sufficient revenue.
“Both parties need to move beyond self-inflicted and economically damaging fights over short-term issues and focus on solving our fundamental long-term fiscal challenges. To help the economy and stabilize our debt, both parties should agree now on a comprehensive long-term fiscal plan that can be implemented as the economy recovers.”
Further Reading
Three Reasons Why Assuming Sustained 3% Growth is a Budget Gimmick
GDP growth of 3 percent is significantly higher than independent, nonpartisan estimates and historically difficult to achieve.
Tax Breaks on Retirement Savings: Who Benefits and How Much Do They Cost?
Tax breaks on retirement accounts support the economic security of older Americans. They also affect our fiscal outlook.
How Does the U.S. Healthcare System Compare to Other Countries?
Despite higher healthcare spending, America’s health outcomes are not any better than those in other developed countries.