Michael A. Peterson Releases a Statement on the President’s Budget
“By putting Social Security and health care reforms on the table, President Obama’s budget opens the door to fresh discussions about a comprehensive long-term plan that finally gets America’s fiscal house in order.
“Now that we have budgets from the House, the Senate and the Administration, it is in the best interests of the country for Democrats and Republicans to re-double their efforts to overcome their differences.
“The goal of any sustainable fiscal policy is to stabilize debt as a share of the economy and put it on a downward path. While the inclusion of these reforms is an important step, additional reforms beyond the measures in the President’s budget will be needed to stabilize the debt over the long term.
“It’s time to set ideology aside and make the tough choices to solve our fiscal challenges to build confidence and lay a strong foundation for future prosperity.”
Further Reading
The Current Ratio of Workers to Social Security Beneficiaries Is at an All-Time Low and Projected to Decline Further
Social Security has been a cornerstone of economic security for more than 90 years, but the program is on unsound footing.
The Four Key Institutions in the Federal Budget Process
Four institutions provide the analytical foundation for nearly every federal budget decision.
How Rising National Debt Drives Up Interest Rates — and What That Means for Americans
By adding upward pressure to interest rates, the rising national debt can increase the cost of living for American households.