A Conversation with Chairman Jodey Arrington: The Potential Implications of a Fiscal Commission
The United States faces a growing fiscal threat as the national debt continues to break its own records, climbing higher and higher.
Left unchecked, Americans face a future racked with higher interest rates, stifling inflation, less investment, decreased confidence in government securities, limited long-term economic growth, and more.
The longer Congress waits to act, the more dire this crisis becomes.
With the support of policymakers, experts, and stakeholders, the House Budget Committee recently passed bipartisan legislation to establish a new fiscal commission, which will help Congress find lasting, meaningful solutions to the pressing fiscal issues we face today.
On February 5th, Chairman Arrington participated in an expert panel at the American Enterprise Institute (AEI) that examined the need for a commission.
Word on the Street:
Via American Enterprise Institute:
Dysfunction in Congress:
Both parties have contributed to the broken budget process and congressional dysfunction.
Unfunded Liabilities:
The U.S. faces a daunting challenge with $120 trillion in unfunded liabilities over the next 30 years.
Partisan Influence:
Past fiscal commissions were hindered by partisan influence from party leadership and the White House.
Deficit Spending Awareness:
Recent deficit spending has caught the attention of voters due to factors like the national debt surpassing $34 trillion and high-interest payments.
Long-Term Focus:
The fiscal commission aims to stabilize debt by 2039, emphasizing the importance of consistent spending reduction, economic growth, and entitlement reform.
The Bottom Line:
There is a growing, bipartisan urgency to address the nation’s fiscal challenges, driven by the recognition that the nation stands at an important juncture.
The traditional legislative mechanisms have proven ineffective at tackling these complex issues. A fiscal commissioncould be the antidote to tackling the escalating debt and deficits the nation faces in such a way that sets our nation on a path to prosperity while preventing and managing the automatic benefits cuts that are slated to take effect in just a few short years.
