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Restoring Fiscal Sanity: Meeting the Long-Run Challenge

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The retirement of the baby boom generation will create spiraling costs for health care and pension programs. Combined with lower revenues, these developments will lead to a decline in economic growth if nothing is done. In this second volume of Restoring Fiscal Sanity, a group of policy experts focus on how to bring spending and revenues in line over the next decade, and even more important, how to balance them over the longer term. They suggest reforms in the tax system, Social Security, and Medicare that might ...

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Overview

The retirement of the baby boom generation will create spiraling costs for health care and pension programs. Combined with lower revenues, these developments will lead to a decline in economic growth if nothing is done. In this second volume of Restoring Fiscal Sanity, a group of policy experts focus on how to bring spending and revenues in line over the next decade, and even more important, how to balance them over the longer term. They suggest reforms in the tax system, Social Security, and Medicare that might close this looming gap and put the nation on a sounder fiscal footing.

Contributors include Henry J. Aaron, William G. Gale, Ron Haskins, Jack Meyer, and Peter R. Orszag (Brookings Institution), Rudolph G. Penner and C. Eugene Steuerle (Urban Institute), and John B. Shoven (Stanford University).

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Editorial Reviews

From the Publisher

"very informative...well written and politically well balanced" —Teresa Stephenson, University of Wyoming, The Journal of the American Taxation Association, 4/1/2007

"For those who care about the US's economic future, this and the earlier volume are well worth the time and effort needed to digest the arguments and data. Highly recommended." —A.R. Sanderson, University of Chicago, Choice

"A clearly-written discussion that seeks workable, bipartisan solutions." — Future Survey, 12/1/2005

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Product Details

  • ISBN-13: 9780815774914
  • Publisher: Brookings Institution Press
  • Publication date: 5/28/2005
  • Series: Restoring Fiscal Sanity Series
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 150
  • Product dimensions: 6.00 (w) x 8.90 (h) x 0.40 (d)

Meet the Author

Alice M. Rivlin is a senior fellow in Economic Studies at the Brookings Institution and visiting professor at the Georgetown Public Policy Institute. She has been director of both the White House Office of Management and Budget and the Congressional Budget Office, and has served as vice chair of the Federal Reserve Board. Among her previous books is Beyond the Dot.coms: The Economic Promise of the Internet (Brookings, 2001), written with Robert Litan. Isabel Sawhill is vice president and director of the Economic Studies program at the Brookings Institution. She served as associate director of the Office of Management and Budget.

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Table of Contents

1 Dimensions of the budget problem 17
2 The size and role of government 35
3 Social Security 55
4 Health 73
5 Tax policy solutions 99
6 The politics of deficit reduction 119
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