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Obama’s “Fiscal Responsibility Summit” Can Help Solve Entitlement Crisis
Posted By Stephen Keen On February 20, 2009 @ 4:34 pm In Economics | Comments Disabled
President Obama will host a three-hour “Fiscal Responsibility Summit” at the White House Monday to “underscore how big the problems are.”  Sixty members of the House and Senate, and representatives from various think-tanks and advocacy organizations from across the political spectrum will attend in an effort to sort out the nation’s fiscal woes.
The basics of the long-term entitlement problem are generally agreed upon. In April of 2008 members of the politically diverse coalition know as the Heritage-Brookings Fiscal Seminar published the paper, “Taking Back Our Fiscal Future.”  In it, the experts agreed – even before the days of $1 trillion deficits – that:
Unsustainable deficits in the federal budget threaten the health and vigor of the American economy… The first step toward establishing budget responsibility is to reform the budget decision process so that the major drivers of escalating deficits—Social Security, Medicare, and Medicaid—are no longer on autopilot.”
Thankfully, the members of the Heritage-Brookings Fiscal Seminar have been invited to participate  in the summit. The authors, both left and right leaning, all support the creation of an independent and bipartisan commission to examine entitlements and present specific options for reform to Congress. In a statement  released this week, the group outlined four key elements for an entitlements commission to be successful:
President Obama should heed this advice and use this event to push for such a commission. Monday’s summit has the potential to be a significant first step toward America’s long-term financial stability. It would be a major missed opportunity if the President allows it to devolve into yet another frivolous photo-op.
Article printed from The Foundry: Conservative Policy News Blog from The Heritage Foundation: http://blog.heritage.org
URL to article: http://blog.heritage.org/2009/02/20/obama%e2%80%99s-%e2%80%9cfiscal-responsibility-summit%e2%80%9d-can-help-solve-entitlement-crisis/
URLs in this post:
 “underscore how big the problems are.”: http://thecaucus.blogs.nytimes.com/2009/02/17/white-house-plans-fiscal-responsibility-summit/
 “Taking Back Our Fiscal Future.”: http://www.heritage.org/Research/Budget/upload/takingbackourfiscalfuture.pdf
 invited to participate: http://www.examiner.com/x-2292-Chicago-Obama-Administration-Examiner~y2009m2d19-responsible
 a statement: http://www.concordcoalition.org/files/uploaded-pdfs/090219-fiscal_responsibility_summit.pdf
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