Honorable Maurice McTigue provides examples of reforms (including Canada) and shares his experiences as New Zealand's cabinet member in addressing economic challenges. Mr. McTigue talks about balancing New Zealand's budget in just four years, after 23 years of budget deficits. McTigue's advice for US legislators is to balance the budget in 4 years and to focus on cutting spending.
Any credible plan to significantly improve the nation's fiscal outlook must address the greatest drivers of future debt: Medicare, Medicaid, and Social Security. But while the need for entitlement reform is no longer in question, policy makers are far from consensus on how, or even when, to begin.