Statement on Budget Process Reform Principles as Joint Select Committee Holds First Hearing
Statement on Budget Process Reform Principles as Joint Select Committee Holds First Hearing
NEW YORK — Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented on today’s initial public hearing of the Joint Select Committee on Budget and Appropriations Process Reform, and sent the Committee a letter outlining key principles for budget process reform:
“Our country is on an unsustainable fiscal path, and reforming our broken budget process can be an important part of improving our fiscal future. With the return of trillion dollar deficits next year and interest growing faster than any other federal program, the time to act is now.
“Budget process reform alone cannot substitute for better decision-making on policies and priorities, but Members on this Select Committee have a valuable opportunity to make sensible bipartisan reforms that will encourage fiscal responsibility and help lawmakers put us on more solid fiscal foundation.”
Further Reading
The Rising National Debt Means Fewer Jobs, Lower Wages for Young People
The national debt is growing faster than ever, and the consequences for the job market are serious.
Social Security Is in Trouble. What Does That Mean for Younger Americans?
Social Security’s looming insolvency is also a threat to the economic future of younger Americans.
How Does the National Debt Affect Inflation, Housing Costs, and the Job Market for Young People?
The unsustainable national debt poses a risk to our economic future, and young Americans may have the most to lose.