White Paper Put out by Campaign to Fix the Debt Partner Organization Finds that Trillions More in Deficit Reduction Needed to Stabilize, Bring Down Debt
WASHINGTON, Jan. 31, 2013 /PRNewswire-USNewswire/ -- Yesterday, the Committee for a Responsible Budget (CRFB) – a bipartisan, non-profit organization committed to educating the public about issues that have significant fiscal policy impact, and a partner of the Campaign to Fix the Debt – released a white paper finding that significant deficit reduction is still needed in order to stabilize and begin drawing down our national debt as a share of the economy, both over the next ten years and in decades to come.
Despite claims that we have mostly solved our deficit problems, the report finds that we've enacted only about half of the deficit reduction necessary through 2022 and only one third of the deficit reduction needed through 2040.
"It seems like some people want to bring back the era of debt denial, but the facts just don't support their view," says Maya MacGuineas, President of the Committee for a Responsible Federal Budget and head of the Campaign to Fix the Debt. "We've certainly made progress on deficit reduction, but we've done the easiest parts – capping discretionary spending and raising taxes on the very rich. What we haven't done is address the drivers of our debt, namely growing entitlement costs, nor have we looked at comprehensive tax reforms.
"Denying the size of our debt problem – or even the fact that we do indeed have a problem – is absolutely counterproductive. Our findings show that unless we take major action to alter the trajectory of our debt now, we will be left with much higher debt levels and severely unpalatable options later."
To read the full study, entitled "Our Debt Problems Are Far From Solved," please click here.
For more information about the Campaign to Fix the Debt, please visit www.fixthedebt.org.
SOURCE Campaign to Fix the Debt