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Restoring Fiscal Sanity

Restoring Fiscal Sanity

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Published by America Speaks
The Comeback America Initiative's report on Restoring Fiscal Sanity.
The Comeback America Initiative's report on Restoring Fiscal Sanity.

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Categories:Types, Research
Published by: America Speaks on Aug 15, 2011
Copyright:Attribution Non-commercial

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08/15/2011

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The Comeback America Initiative (CAI) Restoring Fiscal Sanity Report was prepared at thesuggestion of CAI's prestigious Board of Directors, which is comprised primarily of former CEOs,and CAI's prestigious Advisory Council, which is comprised of many prominent players, includingtwo former Chairmen of the Federal Reserve. The report is fact-based and incorporates theconsiderable experience of Hon. David M. Walker, CAI's Founder and CEO, former U.S.Comptroller General, and former Public Trustee of Social Security and Medicare. This includesconsideration of his direct interactions with a large number of key government and other leaders in Washington and many thousands of citizens in 48 states.This report features two illustrative fiscal frameworks. These frameworks are not CAI’s specific proposals; rather they represent illustrative reform proposals based on a range of options that have been suggested by a variety of parties, including various government agencies,commissions, task forces, think tanks and members of the public.This report was prepared with the assistance of Barry Anderson, former Deputy Director of theCongressional Budget Office (CBO) and the former top career executive at the Office of Management and Budget (OMB). All of CAI's staff and a number of other individuals contributed to the report. The numbers used in the report are based on numbers from the CBO January 2011baseline and other authoritative sources.
 
Restoring Fiscal Sanity Report 
 
2011
 
2
Table of Contents
Introduction .......................................................................................................................... 1Developing a Fiscal Framework .............................................................................................. 1The American Republic........................................................................................................... 2The Fiscal Risks ...................................................................................................................... 2Key Fiscal Facts .............................................................................................................. 3Tough Choices Required ................................................................................................. 5Transforming Government ..................................................................................................... 6Preemptive (Prudent) Framework .......................................................................................... 8Budget Controls and Process Reforms ............................................................................ 8Social Security ............................................................................................................. 10Health Care ................................................................................................................. 12Defense ....................................................................................................................... 15Other Spending ........................................................................................................... 18Taxes and Revenues .................................................................................................... 20Interest ....................................................................................................................... 24Other .......................................................................................................................... 24Reactive (Crisis Management) Framework ............................................................................ 26Budget Controls and Process Reforms ........................................................................... 27Social Security ............................................................................................................. 27Health Care ................................................................................................................. 28Defense ....................................................................................................................... 28Other Spending ........................................................................................................... 29Taxes and Revenues .................................................................................................... 29Interest ....................................................................................................................... 29Other .......................................................................................................................... 29Summary ............................................................................................................................. 31Final Remarks ...................................................................................................................... 37

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