SOLUTIONS FOR THE UNITED STATES DEBT CRISIS
Let us be very clear that the situation facing the United States is very serious and threatening the sustainability our country. Because of the complexity of the federal budget, it is imperative that we bring all the resources available from the government, private sector, and separate initiatives that are dedicating their resources to help our country climb out of this financial grand canyon.
If you would like to learn more about our national debt and annual deficit, please visit the Federal Budget blog and then return to review the solutions presented in this section.
The Peter G. Peterson Foundation has been very instrumental in the creation of many of the proposals to date and has sponsored another 1.2 million dollar grant to have six organizations present their individual solution to the national debt crisis. In this recap, we will present most all of the organizations that have provided their solutions, as well as a brief commentary on our findings and key points and allow you to formulate your own opinions as to what this country should do to resolve this critical issue.
Organization: Comeback America Initiative
Principal: David Walker, CEO
Solution: Comeback America: The Nation’s Fiscal Challenge and a Way Forward
Giving Legacy Commentary:
This first solution is presented by David Walker. For those unclear who David Walker is, let me introduce you to the former Comptroller General of the United States. Mr. Walker ran the Government’s Accountability Office through two presidencies and in his final years knew that this country needed to begin implementing serious solutions to a deficit and debt issue that was threatening the sustainability of the country. After running the Peter G. Peterson Foundation as the President and CEO, Mr. Walker started the Comeback America Initiative and has presented this solution as “A Way Forward.”
The first 48 pages outline the situation the country is in and the problems our country is facing. The remaining 15 pages outline the adjustments, cuts, and solutions that Mr. Walker sees as the way forward. These solutions address Social Security, Medicare, defense spending, health care, and the other major issues that this country needs to address going forward.
I have met with Mr. Walker and analyzed his presentations and I can tell you with 100% confidence that he knows this material backwards and forwards. His presentations require a DVR to rewind and replay to ensure that you can follow the fast-paced education being disseminated. Mr. Walker certainly has the experience and had the front row seat by running the government’s accounting office. There are obviously many issues that still need to be analyzed and resolved before a final program can be presented. However, what Mr. Walker has presented has many concrete policies recommended, and he knows which questions to still ask to get to the right answer. He also has the drive and motivation to ensure that the right solutions get implemented. The question still remains however, how will these solutions turn into policy? Hopefully, the road will be paved for the majority of Mr. Walker’s solutions to end up in the final debt reduction plan for this country – at least the children of tomorrow are counting on it.
Solutions With Commentary Coming
Organization: Representative Paul D. Ryan
Principal: Representative Paul D. Ryan, Ranking Member, Committee on the Budget
Solution: A Plan to Solve America’s Long-Term Economic and Fiscal Crisis
Organization: Esquire Commission to Balance the Federal Budget
Principal: Lawrence O’Donnell, Chair
Solution: The Commission to Balance the Federal Budget
Organization: Bipartisan Policy Center
Author: Sen. Pete Domenici; Dr. Alice Rivlin
Solution: Restoring America’s Future
Organization: Center for American Progress
Authors: Michael Ettlinger and Michael Linden
Solution: A Thousand Cuts
Organization: The Century Foundation
Authors: Becky Thiess and Andrew Fieldhouse
Solution: Investing in America’s Economy
Organization: The Pew Charitable Trusts
Authors: Hon. Bill Frenzel; Hon. Timothy Penny; Hon. Charlie Stenholm
Solution: Getting Back in the Black
The latest government effort was a commission requested by President Obama to produce a report addressing the national debt.
Organization: The National Commission on Fiscal Responsibility and Reform
Authors: Erskine Bowles and Alan Simpson
Solution: The Moment of Truth