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
Top 10 Reasons Why the National Debt Matters
At $36 trillion and rising, the national debt threatens America’s economic future. Here are the top ten reasons why the national debt matters.
What Are Refundable Tax Credits?
The cost of refundable tax credits has grown over the past several years, with the number and budgetary impact of the credits increasing.
Three Reasons Why Assuming Sustained 3% Growth is a Budget Gimmick
Lawmakers are reportedly counting on 3 percent economic growth for the next decade. Here are three key reasons why that is an irresponsible budget gimmick.