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Policy Brief

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Fiscal Health

The Emerging Budget Crisis: Urgent Fiscal Choices

This report presents a sober examination of the looming, long-term federal budget deficits facing the United States. The report also strongly warns that, with the retirement of the baby-boom generation a few short years away, policymakers cannot afford to wait any longer to make the difficult decisions necessary to prepare the country for the economic consequences of an aging population. Prudent action is needed now on all budgetary fronts to avoid a financial debacle -with significant implications for important issues such as taxes, health care, and Social Security.

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Date Published
May 13, 2005

Author
Pat W. Gross
Chairman, The Lovell Group

Bruce K. MacLaury
President Emeritus, The Brookings Institution

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