Economists Urge Prompt Deficit Reduction Plan From Congress
Economists Urge Prompt Deficit Reduction Plan From Congress
- AuthorsAbadeer, AdelAhiakpor, James C.W.Ahking, Francis W.Alexander, Donald L.Anderson, BarryAndron, GeoffreyAntos, JosephArias, J.J.Auerbach, AlanBaily, Martin NeilBaker, James A., IIIBanzhaf, H. SpencerBarth, JamesBeck, StacieBiggs, Andrew G.Bird, RogerBixby, Robert L.Bledowski, KrzysztofBlitz, StevenBohanon, Cecil E.Booth, GeoffreyBoskin, Michael J.Bowsher, Charles A.Brady, GordonBurdekin, RichardButkiewicz, James L.Chance, DonChapoton, John E.Chipman, John S.Christophe, StephenCima, LawrenceCoats, Warren L., Jr.Collier, Boyd D.Congleton, RogerCooper, KathleenCornell, BradfordDavidson, LawrenceDavis, PeterDorfman, JeffreyEckalbar, JohnMichael, R. EnglundEnthoven, Alain C.Fisher, EricFlanders, JohnFratianni, MicheleFroeb, LukeFroewiss, Kenneth C.Gale, William G.Gallegos, AlejandroGalston, William G.Gardner, B. DelworthGelles, Gregory M.Gertler, MarkGilley, OtisGlade, WilliamGold, Stephen
- Institutional AuthorsCampaign to Fix the Debt
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2013-6291
- Tax Analysts Electronic Citation2013 TNT 52-79
Over 160 Economists and Thought Leaders Tell the President and
Congress to Fix the Debt
(Washington, DC) -- Today, the Campaign to Fix the Debt sent a letter signed by over 160 of the nation's leading economists and thought leaders to President Obama, House Leaders Boehner and Pelosi, and Senate Leaders Reid and McConnell. The letter urges Washington to continue its work addressing our nation's economic challenges and mounting debt burden and encourages enactment of a plan to improve our fiscal trajectory, grow the economy, and put the debt on a more sustainable path.
"Many of the country's premier economic minds have joined the Campaign's call to action, speaking to the urgency of our nation's debt crisis and hopefully serving as a wake-up call to the President and Congress to fix it," said Maya MacGuineas, head of the Campaign to Fix the Debt and one of the letter's signatories. "The 161 men and women who signed the letter have an intimate and high-level understanding of the economic implications of our growing debt and join over 350,000 grassroots supporters, 170 business leaders, 100 former Members of Congress, and many others in their support of a meaningful deficit reduction plan."
The letter was delivered to leaders at the White House and on Capitol Hill this morning. A full list of signatories can be found HERE.
Dear President Obama, Speaker Boehner, Majority Leader Reid, Democratic Leader Pelosi, and Republican Leader McConnell:
We are writing to urge you to continue the work of addressing our nation's economic challenges and our mounting debt burden.
Promoting an economic expansion that accelerates job creation, while at the same time addressing the long-term debt challenge, will require that we change our current approach to fiscal issues.
Rather than indiscriminate cuts to just one part of the budget, we need a smart and gradual debt reduction plan that will promote long-term growth and stability. By enacting a comprehensive plan now that reforms the tax code and addresses the largest drivers of our fiscal problems over the long term, policymakers could avoid the negative effects of abrupt cuts, sustain key investments in productive public programs, and simultaneously set a more sustainable trajectory for the nation's debt -- creating a virtuous cycle of growth and budgetary responsibility.
While the recent Budget Control Act and American Tax Relief Act represent progress, we believe there is a need for substantial further deficit reduction if the country is to remain economically strong. This is especially true over the long-run, where rising health care costs and changing demographics threaten to drive our national debt to unprecedented levels.
We encourage you, our nation's leaders, to identify a combination of spending reductions and tax and entitlement reforms sufficient to put the national debt on a downward path relative to the size of our economy. With a well-designed deficit reduction package, we can reassure markets and employers, grow our middle class, and restore faith in our political system.
On the other hand, failing to act could very well jeopardize our economic prosperity and the future of key programs on which millions of Americans rely -- both today and for generations to come.
While we may find differences of opinion about the specific policies that should be included in any plan, we all agree on the need for significant additional progress on this front.
Policymakers should enact a plan as soon as possible to improve our fiscal trajectory, grow the economy and put the debt on a more sustainable path.
The Campaign to Fix the Debt is a non-partisan movement to put America on a better fiscal and economic path. We come together from a variety of social, economic and political perspectives, around the common belief that America's growing federal debt threatens our future and that we must address it. The Campaign will mobilize key communities -- including leaders from business, government, and policy -- and people all across America who want to see elected officials step up to solve our nation's fiscal challenges.
* * * * *
Over 160 economists and thought leaders
are urging you to fix the debt.
We are writing to urge you to continue the work of addressing our nation's economic challenges and our mounting debt burden.
Promoting an economic expansion that accelerates job creation, while at the same time addressing the long-term debt challenge, will require that we change our current approach to fiscal issues.
Rather than indiscriminate cuts to just one part of the budget, we need a smart and gradual debt reduction plan that will promote long-term growth and stability. By enacting a comprehensive plan now that reforms the tax code and addresses the largest drivers of our fiscal problems over the long term, policymakers could avoid the negative effects of abrupt cuts, sustain key investments in productive public programs, and simultaneously set a more sustainable trajectory for the nation's debt -- creating a virtuous cycle of growth and budgetary responsibility.
While the recent Budget Control Act and American Tax Relief Act represent progress, we believe there is a need for substantial further deficit reduction if the country is to remain economically strong. This is especially true over the long-run, where rising health care costs and changing demographics threaten to drive our national debt to unprecedented levels.
We encourage you, our nation's leaders, to identify a combination of spending reductions and tax and entitlement reforms sufficient to put the national debt on a downward path relative to the size of our economy. With a well-designed deficit reduction package, we can reassure markets and employers, grow our middle class, and restore faith in our political system.
On the other hand, failing to act could very well jeopardize our economic prosperity and the future of key programs on which millions of Americans rely -- both today and for generations to come.
While we may find differences of opinion about the specific policies that should be included in any plan, we all agree on the need for significant additional progress on this front.
Policymakers should enact a plan as soon as possible to improve our fiscal trajectory, grow the economy and put the debt on a more sustainable path.
Adel Abadeer
James C.W. Ahiakpor
Francis W. Ahking
Donald L. Alexander
Barry Anderson
Geoffrey Andron
Joseph R. Antos
J.J. Arias
Alan Auerbach
Martin Baily
James A. Baker, III
Spencer Banzhaf
James Barth
Stacie Beck
Andrew Biggs
Roger Bird
Robert Bixby
Krzysztof Bledowski
Steven Blitz
Cecil E. Bohanon
Geoffrey Booth
Michael J. Boskin
Charles Bowsher
Gordon Brady
Richard Burdekin
James L. Butkiewicz
Don Chance
John E. Chapoton
John S. Chipman
Stephen Christophe
Lawrence Cima
Warren L Coats Jr.
Boyd D. Collier
Roger Congleton
Kathleen Cooper
Bradford Cornell
Lawrence Davidson
Peter Davis
Jeffrey Dorfman
John Eckalbar
Michael R. Englund
Alain Enthoven
Eric Fisher
John Flanders
Michele Fratianni
Luke Froeb
Kenneth C. Froewiss
William Gale
Alejandro Gallegos
William G. Galston
B. Delworth Gardner
Gregory M. Gelles
Mark Gertler
Otis Gilley
William Glade
Stephen Gold
Lawrence Goodman
Eric Graber
Kenneth V. Greene
Alan Greenspan
Earl Grinols
Reza G. Hamzaee
Eric Hanushek
John A. Haslem
Kevin Hassett
Robert Heller
Robert Stanley Herren
Gregory Hess
G. William Hoagland
John Hoftyzer
Lee Hoke
Glenn Hubbard
James L. Huffman
L. Dwight Israelsen
Randall W. Jackson
John Kagel
Melissa Kearney
Joe Kennedy
Michael Keran
Anne Krueger
J.B. Kurish
Francis Laatsch
Stephen Layson
Philip Levy
Lawrence Lindsey
Maya MacGuineas
N. Gregory Mankiw
Will Marshall
Timothy Mathews
David Mayers
Patrick McCarthy
John McDowell
James T. McIntyre
W. Douglas McMillin
James D. Mietus
James Miller
Frederic S. Mishkin
Olivia Mitchell
James Moncur
Ronald Moomaw
Anthony N. Negbenebor
Robert Niehaus
Marne Obernauer
Daniel O'Brien
Paul O'Neill
Peter Orazem
Jim O'Sullivan
Donald J. Oswald
Scott E. Page
Donald O. Parsons
Lubos Pastor
George G. Pennacchi
Rudolph G. Penner
Marvin Phaup
Gordon Phillips
Mark Pingle
William Poole
Michael Porter
Reza Ramazani
James Ramsey
David Ranson
James Refalo
Christine Ries
Alice Rivlin
Christina Romer
Larry Ross
James Roumasset
Charles K. Rowley
John Ruggiero
John Rutledge
John Ryding
Donald Sabbarese
Isabel Sawhill
Allen Schick
Robert H. Shrouds
George P. Shultz
Donald S. Siegel
Kent Smetters
James F. Smith
Francis J. Spreng
Eugene Steuerle
Jerry L. Stevens
Derek Stimel
Daniel A. Sumner
Phillip Swagel
Eric Toder
Kuo-Chen Tseng
Larry Van Horn
Richard Vietor
Paul Volcker
David M. Walker
Thomas Warschauer
Murray L. Weidenbaum
Michael Wohlgenant
Gary Wolfram
Art Woolf
Joseph Wright
Mark Zandi
Jeffrey Zax
Jerold Zimmerman
Robert Zoellick
- AuthorsAbadeer, AdelAhiakpor, James C.W.Ahking, Francis W.Alexander, Donald L.Anderson, BarryAndron, GeoffreyAntos, JosephArias, J.J.Auerbach, AlanBaily, Martin NeilBaker, James A., IIIBanzhaf, H. SpencerBarth, JamesBeck, StacieBiggs, Andrew G.Bird, RogerBixby, Robert L.Bledowski, KrzysztofBlitz, StevenBohanon, Cecil E.Booth, GeoffreyBoskin, Michael J.Bowsher, Charles A.Brady, GordonBurdekin, RichardButkiewicz, James L.Chance, DonChapoton, John E.Chipman, John S.Christophe, StephenCima, LawrenceCoats, Warren L., Jr.Collier, Boyd D.Congleton, RogerCooper, KathleenCornell, BradfordDavidson, LawrenceDavis, PeterDorfman, JeffreyEckalbar, JohnMichael, R. EnglundEnthoven, Alain C.Fisher, EricFlanders, JohnFratianni, MicheleFroeb, LukeFroewiss, Kenneth C.Gale, William G.Gallegos, AlejandroGalston, William G.Gardner, B. DelworthGelles, Gregory M.Gertler, MarkGilley, OtisGlade, WilliamGold, Stephen
- Institutional AuthorsCampaign to Fix the Debt
- Subject Area/Tax Topics
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 2013-6291
- Tax Analysts Electronic Citation2013 TNT 52-79