Last May, David Walker, former Comptroller General and a Federal Fiscal Sustainability Foundation, Inc. Board of Directors member, wrote an op-ed titled “A New Plan to Save America’s Fiscal Future.” The op-ed mentioned David’s previous positions, including being a partner with Arthur Anderson and serving as a distinguished visiting professor at the U.S. Naval Academy, thereby validating his ability to assess the country’s financial situation and offer a solution. Of particular note is David’s role as a Social Security and Medicare public trustee since those programs are at risk.
Four action steps were proposed by David that you can read by clicking here.
Mr. Walker stressed the need for a statutory Financial Sustainability Commission in addition to the action steps. As David put it, ” to restore financial sanity. That commission must actively engage the American people with the facts and tough choices we face, solicit input on reforms, and make a package of recommendations to Congress that will be guaranteed a vote.”
Why bring up the topic of the Fiscal Commission now? More than a year has passed, and the country is deeper in debt with no clear fiscal plan being offered by our congressional leaders.
This week, the CATO Institute published an op-ed by Romina Boccia titled “The Fiscal Commission Act is a Promising Start.”
“It’s time for a bipartisan fiscal commission,” writes the Committee for a Responsible Federal Budget (CRFB). I couldn’t agree more. Congress and the executive should empower a fiscal commission with real authority to stabilize debt as a share of the economy and address the unsustainability of Medicare and Social Security.
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.
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.”