Fix the Debt
Despite a growing chorus of debt deniers, most economics continue to agree that putting in place a long-term plan to responsibly address our growing debt would help promote long-term economic growth and stability.
Most everyone – from President Obama, Speaker Boehner, and lawmakers from both sides of the aisle, to renowned economists – agrees that allowing sequestration to occur would be a less than ideal way to tackle our debt problem. The across-the-board spending cuts on domestic and defense budgets will lead to furloughs and layoffs, and don't address inefficiencies in entitlement programs and the tax code, the major drivers of the debt in the future.
We've shown that there a plenty of reasons to not go over the fiscal cliff, including that it implements fiscal consolidation in an abrupt and blunt way causing a recession and puts a great deal of strain on the poor.
Tomorrow, the Campaign to Fix the Debt will be hosting a half-day event that will bring together tax, health, and budget experts for a series of discussions on pressing budget issues. The event will start at 8:30 AM and will feature remarks from former OMB director and current Senator Rob Portman (R-OH), Senate Finance Committee chair Max Baucus (D-MT), and National Economic Council Director Gene Sperling.
Today, the Fix the Debt Campaign is having a major event at the Capitol with its many citizen leaders, urging Congress to replace the fiscal cliff with a smart, comprehensive plan to fix our unsustainable fiscal path.
Over the past few weeks we've heard some misleading things about the fiscal cliff and the possible bipartisan plans that could replace the cliff. CRFB President Maya MacGuineas referenced many of these myths in her recent Washington Post piece, but a few of these, and additional misconceptions, are worth addressing in detail. Next week we will dive more in depth into each of the three misconceptions listed below.
The generational burden of debt is one of the best arguments for millennials to get involved with the issue of deficits and debt. We've noticed many younger voters have begin to speak in favor for a bipartisan plan to resolve our debt problem. In that vein, a grassroots campaign called The Can Kicks Back will formally launch today at 6 PM at The George Washington University.
On Friday, President Obama spoke on the need to replace the "fiscal cliff" with a comprehensive plan to address the nation's unsustainable fiscal path. Most importantly, President Obama announced that the White House would invite leaders from both parties, business groups, labor and civic groups from across the country for a meeting this week to begin working toward a compromise.
Today, our own CRFB President Maya MacGuineas, rang the Opening Bell at the New York Stock Exchange (NYSE) to convene trading for the day, joined by CEOs supporting the Fix the Debt Campaign. With the fiscal cliff on the horizon, business leaders have plenty of reasons to be concerned about this year, and much more down the road if our unsustainable debt is not dealt with soon.
Today, The Hill released its list of the "25 Women to Watch," featuring rising stars in the political world, including Sen. Kelly Ayotte (R-NH), Massachusetts Senate candidate Elizabeth Warren, and our very own CRFB President Maya MacGuineas. Over the last few years, MacGuineas has gained greater prominence as the debt issue has taken on greater priority in Washington. The piece highlights the great work and leadership she has contributed to the issue of deficit reduction.