The administration trecently confirmed a bit of good news about the last fiscal year: the government borrowed substantially less than it did the year before.
But this drop, in line with a previous projection by the Congressional Budget Office (CBO), is no reason for complacency. The additional borrowing has still pushed the federal debt to well over $17.8 trillion, and the government remains on track to boost that by $7.2 trillion or more in the coming decade.
On a recent day in Florida, hundreds of people gathered to examine federal budget issues, question former members of Congress and push for sustainable fiscal policy. For me, that sparked hope for our nation’s future, even in the face of mounting federal debt and changing demographics.
The Concord Coalition and Fix the Debt partnered with two universities and eight former congressmen on Sept. 23 to present the programs and to help give members of the Millennial generation a larger voice on fiscal issues.
In 2011, Medicare spent $170 billion, or 28 percent of its total expenditures, on services for beneficiaries in their last six months of life. But a new report says many of these patients are not receiving the care they want and are undergoing costly and unnecessary tests, procedures, and hospital visits.
Our nation’s reliance on a 24-hour news cycle has bred an environment focused on quick stories with tag lines to keep us engaged. Listening to a recent panel discussion, I realized that the emphasis on sound bites needs to change if we are to have any hope of improving the nation’s fiscal footing. Enacting sustainable fiscal policy will take far more than a superficial exchange of partisan one-liners.
For several years we’ve heard a familiar tune from the Social Security trustees: Its programs are unsustainable in their current form but insolvency is still years away. This time is different because the next Congress will face a deadline to act.
In a move that many saw as inevitable unless lawmakers acted, the Department of Transportation announced recently that the dwindling Highway Trust Fund would have to begin delaying payments to state governments in August.
Following last year’s bipartisan budget agreement, this was supposed to be the year of a harmless fiscal ceasefire on Capitol Hill. Unfortunately, the ceasefire is becoming a retreat for fiscal responsibility.