To Get Our Fiscal House in Order: Put Politics First
"When the dominoes of our national debt fall, young Americans will be the ones left to pick up the pieces," writes Heidi Heitkamp.
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"When the dominoes of our national debt fall, young Americans will be the ones left to pick up the pieces," writes Heidi Heitkamp.
"It is easy to look at the state of American politics and feel despair. Instead, we should be motivated to solve big problems," writes Robert Portman
Coronavirus relief legislation is expected to increase federal deficits by $2.4 trillion over the next decade.
"Too often in recent years, Washington has largely governed by crisis. No area better reflects the pressure of constant crisis than the federal budget," writes Leon E. Panetta
“Today’s CBO report shows ten straight years of trillion-dollar deficits. That’s a sad reflection of our nation’s poor fiscal health, and it adds insult to injury that we’re piling on all this debt in a growing economy,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
It’s important for lawmakers to consider the many available policy options for improving that outlook.
https://www.pgpf.org/blog/2021/01/83-ways-we-can-reduce-the-deficit-according-to-cbo
Federal Reserve Chairman Jerome H. Powell expressed concern about America's fiscal outlook and how it may affect our economic future.
“Voters across party lines want fiscal leadership from their elected officials, in order to better manage the national debt and put America on a stronger economic course for the future,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2019/08/fci-press-release
CBO projects that the deficit for 2019 will be $960 billion. That’s $63 billion (or 7 percent) above its estimate from just three months ago.
The amount spent by the federal government on interest is large and growing. Net interest will become the third largest "program" in the budget by 2025.