Despite repeated warnings that Federal entitlements must be reformed to be saved, the Democratic budget deliberately puts off reform for at least 5 years – inviting a fiscal and economic crisis for these programs.
THE NEED FOR REFORM
Numerous experts have warned that Congress must begin reforming the Federal Government’s largest entitlement programs to ensure they are sustainable for future generations. Some examples:
- “Unless action is taken to bring program cost in line with available resources, the coming surge of entitlement spending will end in a fiscal train wreck that will have an adverse impact on the U.S. economy and virtually every American.” – Goverment Accountability Office, The Federal Government’s Financial Health: A Citizens Guide to the 2007 Financial Report of the United States Government, February 2008
- “Rising health care costs are a problem in general . . . .We’re on an unsustainable path, so something is going to have to give.” – Congressional Budget Office Director Peter R. Orszag, testimony to the Committee on the Budget, U.S. House of Representatives, 23 January 2008
- “Without early and meaningful action to address entitlements, the U.S. economy could be seriously weakened, with future generations bearing much of the cost.” – Federal Reserve Chairman Ben S. Bernanke, testimony to the Committee on the Budget, U.S. House of Representatives, 28 January 2007
Read the full report here.