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The United States now faces daunting fiscal challenges and the consequences of not taking action are immense. Evidence strongly suggests that large and sustained budget deficits will erode long-term investment, productivity growth, and prosperity. Deficits of this depth and magnitude "crowd out" investment (both public and private), deplete national saving, and likely will cause interest rates to rise. Additionally, as more U.S. debt is financed by foreign investment, the potential for financial instability increases. The lack of national saving will gradually undermine the nation's standard of living. Large deficits left unrestrained today will, in effect, act as delayed tax increases on future workers, who will have to contend with the consequences of overwhelming debt.
"Not dealing with the budget problem will mean a lower standard of living for all Americans."
Carl Camden, CED Trustee and CEO of Kelly Services, Inc. |
What's NewNews Thursday, April 19, 2012 Roanoke symposium addresses national debt By Amy Matzke-Fawcett"Unsustainable" was the byword Wednesday as more than 250 people gathered in Roanoke to hear three politicians piped in from Washington and two... read moreWednesday, April 18, 2012 National Debt Tour rolls into Roanoke Joe Dashiell Reporter, wdbj7.comROANOKE, Va.—It's like a five-alarm fire, but you can't see the flames. That's how one expert described the growing danger of the... read moreWednesday, April 11, 2012 Budget Deficit Narrows on Higher Income-Tax Revenue By Damian Paletta, Wall Street JournalWASHINGTON—The federal budget deficit appears to be narrowing slowly but steadily, as corporate and individual income taxes rise thanks to... read moreCommentary Tuesday, March 20, 2012 Some Key Points About The House Republican Budget Resolution The late North Carolina Senator Jesse Helms once told a story of a defense planner in the early years of World War II, who was... read moreTuesday, November 29, 2011 The End of the Beginning by Joe Minarik, CED Senior Vice President and Director of Research
Sadly, we have seen the end of the Supercommittee. It failed to meet its deadline... read moreTuesday, November 8, 2011 Supercommittee has way, needs will: Joe Minarik and Steve Bell in POLITICO Now that Republicans and Democrats on the Joint Select Committee on Deficit Reduction have exchanged "plans" to reduce deficits and meet at least their .2... read moreEvents Tuesday, February 28, 2012 A Blueprint Or A Bridge To Nowhere? CED's Annual Analysis of the Budget Outlook On February 28, 2012, from 1:00 p.m. to 2:00 p.m. EST, the Committee for Economic Development will host a webinar featuring a detailed analysis of the... read moreMonday, January 9, 2012 Understanding the Federal Budget Joseph Minarik, CED Senior Vice President and Director of Research, will speak at a media seminar entitled "Understanding the Federal Budget," on January 9, 2012... read moreThursday, November 17, 2011 Forum on Debt-Reduction in Kansas City, MO On November 17th CED presented an update on the nation's fiscal crisis to approximately 60 members of the Kansas City Civic Council in Kansas City,... read moreReports Tuesday, January 25, 2011 This Way Down CED Releases Budget Debt Crisis Report
L-r: Alice Rivlin, Joe Minarik, Norman Ornstein, and Thomas E. Mann.
What will happen if the United States continues to ignore... read moreFriday, May 13, 2005 The Emerging Budget Crisis Urgent Fiscal Choices (2005)
This report presents a sober examination of the large, long-term federal budget deficits facing the United States. The report also strongly warns... read moreWednesday, March 5, 2003 Exploding Deficits, Declining Growth
Peter G. Peterson
On March 5, 2003, CED released Exploding Deficits, Declining Growth: The Federal Budget and the Aging of America. The report urges the Administration... read more |
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