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Read about the Debt Crisis

Read about the Debt Crisis

Courting an Avoidable Financial Crisis by Joseph J. Minarik

Imagine a story that is a cross between The Guns of August, a tragedy in which the princes of Europe blunder into the horror of World War I, and Catch-22, a wartime comedy driven by situations of hopeless internal contradiction. The United States, and other nations around the world, already have sailed far off of their financial and fiscal charts. No one can say with certainty what will happen if we remain on our current course, because we have never been here before. Nonetheless, with a little imagination, one can draw a straight line between a reasonable conception of our current location and a tragic financial meltdown defined by those two classics of fact and fiction. As uncertain as the future is, this scenario arguably can serve as a plausible cautionary tale. READ MORE » (opens PDF)

The Moment of Truth: Report of the National Commission on Fiscal Responsibility and Reform by The White House

Throughout our nation’s history, Americans have found the courage to do right by our children’s future. Deep down, every American knows we face a moment of truth once again. We cannot play games or put off hard choices any longer. Without regard to party, we have a patriotic duty to keep the promise of America to give our children and grandchildren a better life.
Our challenge is clear and inescapable: America cannot be great if we go broke. Our businesses will not be able to grow and create jobs, and our workers will not be able to compete successfully for the jobs of the future without a plan to get this crushing debt burden off our backs. READ MORE » (opens PDF)

Getting Back in the Black by the Peterson-Pew Commission on Budget Reform

The federal budget is deep in the red, and getting it back in the black will not be easy or swift. On its current course, the debt is likely to reach 100 percent of the nation’s gross domestic product (GDP) early in the next decade and would continue to grow faster than the economy thereafter. Excessive debt can do much harm: draining productive capital from private investment; increasing the interest payments in the federal budget, which in turn squeeze out other spending or room for tax cuts; and reducing the government’s flexibility to respond to future crises or opportunities. READ MORE » (opens PDF)

Red Ink Rising: A Call to Action to Stem the Mounting Federal Debt by the Peterson-Pew Commission on Budget Reform

The Peterson-Pew Commission on Budget Reform is calling for Congress and the White House to take immediate action to stem the growing federal debt. Our proposal is crafted both to accommodate the needs of the still-recovering economy, and reflect the tremendous risks posed by the large and expanding debt burden. READ MORE » (opens PDF)