The Nation's Mid and Long-Term Fiscal Challenges
The Nation's Mid and Long-Term Fiscal Challenges
Testimony before the National Commission on Fiscal Responsibility and Reform
There are two ways to interpret the deficit problem. The first concludes that taxes aren’t increasing fast enough and we must adjust tax policy so that it can finance the projected levels of government spending. The second concludes that spending is growing too quickly and that increased spending, not insufficient revenue, drives the gap between the two. Dr. de Rugy uses data from the Congressional Budget Office to indicate that the problem is increased spending.