November 23, 2014

CONCORD COALITION TO RUN NY TIMES AD FOCUSING ON THE "SURPLUS MIRAGE"

WASHINGTON -- The Concord Coalition has placed an advertisement in this Sunday's (Jan. 25) New York Times urging President Clinton and members of Congress to use restraint when considering what to do with any projected budget surpluses.

The advertisement is signed by Concord Co-Chairs and former Senators Warren Rudman (R-N.H.) and Sam Nunn (D-Ga.), and Concord President Peter Peterson, former Secretary of Commerce.

With the recent forecast of short-term budget surpluses, political leaders have offered various tax cut and spending proposals in recent weeks.

"We urge you to resist these fiscal temptations," the advertisement says. "Do not undermine the progress on the deficit we've already made. And do not forget that this progress represents only the first small step toward confronting the vast fiscal threat looming over America's future."

The advertisement points out that the projected surpluses exist only because the official unified budget figures include Social Security's current trust fund surplus. In fact, if the Social Security surplus were excluded from the calculations, "this year's deficit rises by $100 billion."

"It's time to stop sending false signals," the advertisement continues. "It's time to acknowledge that cutting taxes today makes no sense if that cut will only necessitate raising taxes even more tomorrow...it's time to focus on long-term entitlement reform, including both Social Security and Medicare, whose spending growth will otherwise overwhelm everything else we do."

Click here to read the full text of the advertisement.