The new issue of National Affairs includes an essay in which I summarize my thinking about our nation’s fiscal challenges.
In “America in the Red” (pdf version), I describe our fiscal challenge, explain how deficits and debts may undermine our prosperity, and emphasize the importance of setting clear budget goals.
I also argue that everything should be on the table in thinking about our budget future. Growth alone won’t set us free. Spending cuts alone won’t be enough. And tax increases alone won’t work either. We need to pull on all the levers–reducing spending, increasing revenues, and promoting growth–if we want to get our fiscal house in order.
Dr. Marron,
Thank you for your difficult read “American in the Red.” I appreciated your frank confirmation about our dire straights, and your keen effort to triage and quantify, rigorously and in depth. I carry many of the points with me.
I have lost sleep over our prospects. Your work and your optimism is heartening. Still I wonder. Is anyone listening? Will our leaders ever have the courage to adopt these unpopular options? Will we voters have the decency to stop voting our wallets? I would eagerly part with more if I could trust Washington more. But I am increasingly cynical.
Please keep trying.
Audrey Kleckner, Portland, Oregon