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Who Really Cares About Our Financial Health?

Posted By Conn Carroll On January 30, 2008 @ 4:10 pm In Economics | Comments Disabled

Only 19 days after credit rating service Moody’s [1] announced the United States was at risk of losing its top-notch triple-A credit rating due to soaring healthcare and social security spending, Senate Budget Chairman Kent Conrad (D-ND) said he would “insist” his committee vote on a proposal to create a bipartisan commission to study the long-term fiscal problem proposed by Social Security, Medicare, and Medicaid.

BNA (subscription required) reports that Conrad “was adamant” fellow Senators vote on his plan to create a 16-member commission in 2008. The panel would consist of 14 members of Congress divided evenly between the parties plus two executive branch representatives. A super majority of the panel would be required to send recommendations to Congress and three-fifths of both houses would be required for an up or down vote.

Currently, every child born in America carries a $175,00 debt burden [2] to pay for Social Security, Medicare, and Medicaid. Our long-term fiscal outlook is grim [3]. A task force like Conrad’s could help curb the unsustainable trends in entitlement spending. Getting Senators on record, for or against, such a panel will help show which of our leaders really care about the country’s future financial health.

Article printed from The Foundry: Conservative Policy News from The Heritage Foundation: http://blog.heritage.org

URL to article: http://blog.heritage.org/2008/01/30/who-really-cares-about-our-financial-health/

URLs in this post:

[1] Moody’s: http://www.ft.com/cms/s/0/fcc631cc-bfe6-11dc-8052-0000779fd2ac.html?nclick_check=1

[2] $175,00 debt burden: http://www.foundry.org/2008/01/28/ending-entitlement-tsunami/

[3] Our long-term fiscal outlook is grim: http://www.heritage.org/Research/Budget/wm1749.cfm

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