The Pressing Need to Empower a Fiscal Commission
In the face of a surmounting fiscal crisis in America, calls are increasing for Congress to empower a fiscal commission—but not just any commission will do the trick, argues The Debt Dispatch. Many commissions have failed in the past because they are all talk and no action, and today’s debt crisis requires immediate action to reverse the curse, before it bankrupts future generations of Americans out of the liberties that make our nation exceptional.
Word on the Street (via The Debt Dispatch):
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“A fiscal commission can resolve America’s predictable fiscal decline, but only if it has the power to act. The CRFB explains that ‘[h]istorically, commissions have helped policymakers to extend the life of Social Security, consolidate military bases, identify government waste, develop frameworks for tax reform, improve homeland security after 9/11, and draw attention to our unsustainable fiscal outlook.’ Time is running out for Congress to merely draw attention to America’s rapidly deteriorating fiscal state. We need action and soon.”
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“The House of Representatives recently voted on the Fiscal Commission Act of 2023. Introduced by the chairs of the Bipartisan Fiscal Forum, Representatives Bill Huizenga (R-MI) and Scott Peters (D-CA), this proposal would establish a sixteen-member fiscal commission, composed of twelve lawmakers and four independent experts, with all members appointed by House and Senate leadership from both parties. Its charge: to stabilize the debt at no more than 100 percent of GDP (gross domestic product, the main measure of economic activity) within 10 years, by addressing the growth in direct spending (so-called mandatory programs, including major entitlements), and narrowing the gap between projected federal expenditures and revenues over the long-term.”
- “The Fiscal Commission Act of 2023 is a promising start but risks suffering a similar doomed fate as fiscal commissions of the recent past.”
So how can Congress empower a fiscal commission to meet this critical moment? The Debt Dispatch makes two key recommendations:
The Big Picture:
The House Budget Committee is sounding the alarm on the need for a fiscal commission. This week, the Budget Committee held a hearing examining what a new, effective fiscal commission, fielding diverse proposals from both Republicans and Democrats and platforming the testimony of expert witnesses who have been a part of commissions in the past. The time is now to address America’s rapid fiscal decline before it’s too late.
