Statement from Foundation Chairman Pete Peterson on the 2013 State of the Union Address
“President Obama rightly recognized the importance of both economic growth and deficit reduction in his State of the Union address. While some progress has been made, America still faces a severe long-term debt problem that must be resolved. Recent reforms have done very little to address our long-term structural deficits — debt is still on pace to reach and exceed 200 percent of GDP, which is well beyond anyone’s definition of dangerous and unsustainable.
“Economic growth and long-term debt reduction go hand-in-hand and should be top priorities for the President and Congress. We should act now to put in place a comprehensive plan that reduces deficits once the economy recovers, which would improve confidence and boost our economy in the short term, and strengthen American economic prosperity for the long term.”
Further Reading
How Much Does the Government Spend on International Affairs?
Federal spending for international affairs, which supports American diplomacy and development aid, is a small portion of the U.S. budget.
Can We Raise the Retirement Age and Protect Vulnerable Workers?
Raising the retirement age could harm workers who would be unable to delay retirement due to physically demanding occupations, disability, or job loss.
A Brief History of U.S. Government Shutdowns
Government shutdowns (and the threat of them) are a recent phenomenon and something other developed countries don’t contend with.