The Fiscal Future: Is it Serious? Are We Serious?
by Scott Bittle
It's been a big week for fiscal responsibility – or at least for talking about it. President Obama's commission on the deficit and national debt began its work this week, and between the commission and its critics, a "fiscal summit" convened by the Peter G. Peterson Foundation, and the spreading Greek debt crisis, the nation got a taste of how difficult the issues is, and what the worst case scenario might be.
The president told the commission that "everything's on the table," even as many critics insist there are things that should be off the table. For conservatives, the "don't do it" is higher taxes; for liberals, the "just say no" options are more likely to be Medicare and Social Security. Yet most budget experts, including those on the committee that prepared the Choosing Our Fiscal Future report, argue that it's going to take both spending cuts and more revenue to get the job done.
In the end, this is a debate about values and priorities: what's important to us as a nation, and how do we afford it. The nation's current strategy has been to avoid making those choices and borrowing to get by, but that can't go on forever – that's why the government's own budget agencies call the federal budget "unsustainable."
The fiscal commission's report can and should look at everything, both taxes and spending, and put the choices on the table. But in the end, the priorities we set for the government, and how we raise the money, are the American people's choices to make. We are, after all, going to have to live with them.
How can you play a role in these choices? You can start by checking out the options laid out at OurFiscalFuture.org, and by joining the discussion on Facebook and Twitter.