Maya MacGuineas: A Resolution for Congress in 2020 – Make Better Fiscal Policy Decisions
Maya MacGuineas is president of the Committee for a Responsible Federal Budget and head of the Campaign to Fix the Debt. She recently wrote an opinion piece for The Hill, an excerpt of which is below.
Most New Years resolutions are not honored for very long, but here is one that would be good for our lawmakers on both sides of the aisle to stick to. Stop short changing the future because of an unwillingness to make responsible fiscal choices. The past few years have been an abomination when it comes to responsible federal budgeting. Let us review this here.
When President Trump entered office, the debt stood at a historically high $14 trillion, which is 76 percent of gross domestic product. Although he promised to pay off the debt in eight years, a preposterous objective to start with, what Trump has done is sign into law an increase of $4.7 trillion in the debt over the next decade. There was the reckless tax cut, which came with a nonsensical promise of paying for itself, that has predictably blown a hole in the budget. The tax cuts will add $2 trillion to the debt over a decade, or $3 trillion if expiring portions are made permanent.
Read the entire piece here.
"My Views" are works published by members or staff of the Committee for a Responsible Federal Budget, but they do not necessarily reflect the views of all members or staff of the Committee.