Publication Date: March 2008
Publisher: Tax Policy Center
Author(s): Joseph Antos; Robert Bixby; Stuart Butler; Paul Cullinan; Alison Fraser; William Galston; Ron Haskins; Julia Isaacs; Maya MacGuineas; Will Marshall; Pietro Nivola; Rudolph G. Penner; Robert D. Reischauer; Alice M. Rivlin; Isabel V. Sawhill; C. Eugene Steuerle
Research Area: Economics
Keywords: Elderly; Economy; Federal Budgets & Fiscal Policy; Tax Policy
The authors of this paper?longtime federal budget and policy experts?were drawn together by a deep concern about the nation's long-term fiscal outlook. Despite diverse philosophies and political leanings, they found solid common ground and agree that unsustainable deficits in the federal budget threaten the health and vigor of the American economy and the first step toward establishing budget responsibility is to reform the budget decision process so that the major drivers of escalating deficits?Social Security, Medicare, and Medicaid?are no longer on autopilot. The paper provides specific policy recommendations and outlines the reasons action is critical.